Netflix Inc. said it now has more than 30 million streaming members worldwide, including more than 25 million in the U.S.
On Tuesday, the online movie rental company said in its third-quarter earnings announcement that it had 29 million streaming members.
Netflix collected 10 million members in 2009, a decade after it launched its DVD-by-mail service in the U.S. That number jumped to 20 million members by the end of 2010 with what the company called "widespread adoption" of its streaming video service in the U.S. and Canada.
Netflix, which originally built its business around DVDs delivered by mail, has been stepping up efforts over the past year to convert users to more-profitable services that deliver movies and TV shows over the Internet. The company's customer base has improved--though at times below what Wall Street was looking for--following its 60% price increase last year on a popular subscription and a since-aborted plan to spin off its DVD-rental service into a separate business.
The company has warned that its efforts to expand in international markets would hurt its bottom-line results and also has noted that its DVD business would see declines for the foreseeable future.
Earlier this week, Netflix said its third-quarter earnings declined 88% as the online movie rental company's higher subscription costs pressured margins, though subscriber growth met its expectations.
The company had said it added about 1.2 million U.S. subscribers to its online video service from the previous quarter, bringing the total to 25.1 million. It also said it had 4.3 million subscribers in its international business, a 19% increase from the prior quarter.
Shares edged down 31 cents to $59.81 in recent premarket trading. The stock is off 22% in the past 12 months.
...Source: http://www.totaltele.com/view.aspx?ID=477321
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