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Netflix adds more subscribers, braces for higher competition
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IANS | 17 Oct, 2019
Netflix added 6.8 million subscribers in the third quarter of this year
internationally, compared to seven million it had forecast, even as the
streaming giant braces for stiff competition as Apple and Disney prepare
to launch similar services.
Netflix reported $5.2 billion in
revenue in the third quarter, up 31 per cent over the prior year, and
operating income doubled to $1 billion.
"In Q3, our guidance forecast was our most accurate in recent history," Netflix said on Wednesday in a letter to shareholders.
The results cheered investors as shares of the streaming giant rose over five per cent in after hours trading.
"We
have been moving increasingly to original content both because of the
anticipated pullback of second run content from some studios and because
our original content is working in the form of member viewing and
engagement," Netflix said, adding that its "Stranger Things Season 3"
emerged as its most watched season to date with 64 million member
households in its first four weeks.
Netflix said that it will
continue to expand its non-English language original offerings because
they help the company increase penetration in international markets.
"'The
Naked Director' broke out as the biggest title launch for us in Japan
and was also highly successful throughout Asia. Similarly, in India, we
debuted the second season of 'Sacred Games', our most watched show in
India," the company said.
"To date, we have globally released
100 seasons of local language, original scripted series from 17
countries and have plans for over 130 more in 2020. We also plan to
expand our investment in local language original films and unscripted
series," it added.
In its letter to shareholders, Netflix exuded confidence of weathering the competition from Apple and Disney.
"The
upcoming arrival of services like Disney+, Apple TV+, HBO Max, and
Peacock is increased competition, but we are all small compared to
linear TV," Netflix said.
"The launch of these new services will
be noisy. There may be some modest headwind to our near-term growth,
and we have tried to factor that into our guidance. In the long-term,
though, we expect we'll continue to grow nicely given the strength of
our service and the large market opportunity," it said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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