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| Netflix growth surpasses 23 million US subscribers |
| Tuesday, 26 April 2011 00:00 |
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Streaming media services provider Netflix has surpassed 23.6 million subscribers to its streaming video content in the US.
The company has now tied in first place with Comcast as the biggest streaming video provider in the country, with 3.6 million new subscribers in the first quarter of 2011. "While Netflix is likely to show huge growth again this year, we think multichannel video programming distributor cord cutting will be minimal to nonexistent," Netflix chief executive officer Reed Hastings and chief financial officer David Wells told shareholders in an open letter. However, the firm believes its growth does not represent a threat to traditional pay TV providers in the US, as its services are seen as supplemental to these established networks. Meanwhile, on-demand streaming video business LoveFilm is set to enter into a new distribution agreement with Disney that will see the organisation offering 50 classic titles to its subscribers over the coming months. Posted by Emma Johnson  |