... Netflix has crossed the 60 million subscriber threshold.
The company announced Wednesday that it ended the second quarter with 62.7 million streaming subscribers. When including non-paying subscribers, Netflix has nearly 65.6 million members, up from the 64.8 million that CEO Reed Hastings had projected.
Netflix shares, which closed down 2 percent for the day, were up as much as 11 percent during after-hours trading on the strong subscriber growth.
Revenue was $1.48 billion for the quarter, down from the $1.65 billion that Wall Street was expecting. Earnings per share came in at 6 cents adjusted for the 7-to-1 stock split that Netflix just conducted, falling in line with the expected range of 4 cents to 9 cents. ...
The old delivery systems -- broadcast, cable, movie theaters -- steadily erode while new method of delivery grows and grows.
For entertainment guilds and unions (and we are one of those) the issue is getting an equitable piece of the new business. This is happening sloowly ... but how hard will the DGA, SAG-AFTRA, IATSE, and the WGA have to fight to get a full share of the new money-streams.
It will likely take years to find out.