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| Netflix outpaces growth forecasts in fourth quarter |
| Thursday, 26 January 2012 00:00 |
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Streaming media service Netflix has grown at a faster-than-expected rate in the fourth quarter of 2011, according to the firm's newest financial report.
The company's US subscriber base for its streaming services rose by 220,000 to 21.67 million during the three months, while the number of international streaming users rose by 38,000 to 1.86 million. During the quarter, more than two billion hours of content were streamed by Netflix users, around 30 hours per member on a monthly basis, while the service also made a successful UK debut, outpacing the introductory performance of its Canadian operation. Netflix expects further growth in 2012 to be driven by the addition of new content and updates to the Netflix app on Xbox 360, Wii, iPad and Android tablets, as well as the introduction of exclusive original programming. Chief executive officer Reed Hastings and chief financial officer David Wells stated: "Our streaming membership is growing in 47 countries and we see an enormous opportunity to build a global internet TV network of unparalleled reach and consumer delight." The firm has been subject to takeover speculation in recent months, with Bloomberg reporting last month that Verizon could be set to launch a bid. Posted by Geoff Phillips  |