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Confirming what many Netflix subscribers have known for a while, company CEO Reed Hastings called Netflix “a streaming company which also offers DVD by mail” in his Q3 results commentary today.

Said Hastings:

“We are very proud to announce that by every measure we are now a streaming company, which also offers DVD-by-mail. In Q4, we’ll spend more on streaming content than DVD content, and we’ll deliver many more hours of entertainment via streaming than on DVD. More impressively, a majority of our subs will watch more content streamed from Netflix than delivered by us on DVD. DVD-by-mail shipments are still growing, but streaming for us is much larger and growing much faster.”

Netflix turned in another stellar quarter, adding nearly two million new subscribers to its total of nearly 17 million.  Two-thirds of those customers stream content, up from 41% in Q3 of 2009. Revenue grew 30% to $553.2 million.

Was anyone surprised by Hastings’ comments? Netflix’s language on its website has already positioned the DVD by-mail service as a bonus to a streaming subscription for some time now.

Such commentary from Netflix’s CEO, along with its unquestioned dominance in the sphere begs the question: how will competitors—including Redbox—catch up?
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Also, how will Coinstar/Redbox’s numbers compare when it reveals its Q3 results next week?
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(via NewTeeVee)

13 Responses to “Netflix’s Hastings: ‘We Are Now a Streaming Company’”

  1. Visitor [Join Now]
    Jamie [visitor]

    Notice to Redbox: Don’t even bother trying to fire up a streaming service. netflix is just way too far ahead of you to catch up. netflix is about to roll out a streaming only subscription option.

  2. Visitor [Join Now]
    brian [visitor]

    Maybe if they put newer movies up for streaming they would do better. So I hope they spend their money that way. Most of the streaming stuff is not great.

    • Visitor [Join Now]
      Jamie [visitor]

      That’s why they just cut a deal with Epix and have one with Starz as well. The content has gotten a lot better then when they first started out.

  3. Visitor [Join Now]
    Farva [visitor]

    I had to laugh that the same day Netflix makes this announcement that their streaming service went down for several hours and wasn’t completely back up until last evening.

  4. Visitor [Join Now]
    Marshall [visitor]

    There is room for Redbox. Competition is good in most cases. Rebox hinted at offering new releases and keeping the price down. Speculation usually went to them offering very new movies on a rotating basis, like what they do with the kiosks themselves. If so I’d consider it.

    Kind of like how Hulu is trying to build a consumer base on recent content instead of depth. Netflix will have the first 4 seasons of Bones where Hulu Plus will have only recent episodes of Season 6.

    I do say that if Redbox is going to offer streaming then they need to roll it out incredibly fast. A few months perhaps.

  5. Member [Join Now]

    I seriously wonder how would Redbox offer streaming? I mean it does not currently even have a large enough catalog of films on DVD. The kiosk can only support a finite number of DVDs and that idea they had last year of allowing user to watch movies at the kiosk was asinine. It is highly improbable that Amazon would partner with them considering they have VOD already and DVDs are going the way of VHS. To be honest in my perspective, Netflix is a really good streaming company. Think of all that are out and then consider the prices. Even though the selection is not completely up-to-date; why would people logically expect that? Streaming is not cable, with cable one has the freedom to watch new episodes and new films on the release date. But unless you subscribe to premium channels or pay to rent new releases; it is almost the same thing.

  6. Visitor [Join Now]
    That Guy [visitor]

    Eff that. Gimme up to date streaming in 1080P via Netflix with Blu-Ray by mail as a bonus. Gladly pay $20+ a month for that. No need for a DirecTV/Dish Network/AT&T U-Verse/Verizon FIOS subscription after that. No 28 day delay nonsense either.