Life is good for Netflix
, the video rental and streaming service that is now bigger than Comcast
, at least if we go by the numbers. According to Netflix's latest earnings report, the company now boasts 23.6 million subscribers around the globe. That's more than Comcast, which just so happens to be the biggest cable operator in the U.S.
For the quarter ended March 31, Netflix reported worldwide net profits of $60 million on revenue of $719 million. Compare that to one year ago, when Netflix's profits were $32 million on revenue of $494 million.
That isn't surprising considering Netflix's more than aggressive push into the living room. The streaming service is accessible on nearly every device imaginable, from TVs to Blu-ray players, to consoles and tablets, and much more. Combined with a growing catalog of streaming titles, Netflix managed to grow its global subscriber base by almost 70 percent over the past year. Need more to chew on? Digest this: more than 7 percent of Americans now subscribe to Netflix.
Meanwhile, the number of Comcast subscribers is going down. Perhaps that's a coincidence, but it could also be indicative of cable subscribers jumping ship to Netflix, where they can watch what they want, when the want, provided it's available in Netflix's online catalog. And if it isn't, there's a good chance the movie or show they want to watch is available on DVD.
Do you think cable companies should be worried about Netflix's growth?