Netflix adds 1.7M subs to hit 14M; 55% says they're streaming video

Instant streaming of movies is continuing to become a larger part of Netflix's (NASDAQ: NFLX) business, as some 55 percent of the company's 14 million subscribers streamed at least part of a movie in the first quarter, the company said in its earnings call. The company also said it had added 1.7 million subscribers in the quarter and forecasts it could add up to 1 million more subs by the end of the second quarter. During the past 18 months, Netflix has seen its subscriber ranks swell by more than 5 million.

Rising postal rates have been one factor in steering the DVD-by-mail giant toward the Internet for delivering movies. It has aggressively lined up the three major gaming platforms--Sony's PS3, Nintendo's Wii, and Microsoft's Xbox--as partners, and continues to bring on other partners like Boxee and Roku. Netflix users who subscribe to the service's basic tier--$8.99 per month--are given access to unlimited streaming of titles in its expanding library.

Financially, Netflix said it earned $32.3 million in the first quarter, or 59 cents per share, up from $2.4 million, or 37 cents per share a year ago.

Nextflix said first quarter performance  was strong enough to prompt the company to forecast earning of $144 million for the year; it earlier had said it expected to earn some $137 million for 2010.

For more:
- see this AP article

Related articles:
Blockbuster CEO rips Netflix's 'older' offerings as his company sinks
Netflix launches full streaming to Wii
Netflix sending out discs for streaming to Wii
At last, the Wii gets Netflix
Netflix to Wii? Analysts say 'soon' 
Sony set to launch VOD service? 
Netflix to offer a la carte streaming service overseas
Netflix Xbox streaming app sees 1M downloads 
Netflix and the online video economy

Suggested Articles

Ampersand today launched a new audience-based ad planning, buying and measurement platform.

Comcast warned investors to expect higher video subscriber losses in 2020 due to several factors that will impact the legacy video business.

Comcast reported a net loss of 149,000 video subscribers in the fourth quarter, which brought its full-year total video losses to 733,000.