It was the first time the streaming service has pumped out so much content in a month according to a post that CEO Reed Hastings made on his Facebook page. “Congrats to [Chief Content Officer] Ted Sarandos, and his amazing content licensing team,” Hastings wrote. He added: “When House of Cards and Arrested Development debut, we’ll blow these records away. Keep going, Ted, we need even more!” BTIG’s Richard Greenfield made some back-of-the-envelope calculations and figures that Hastings’ data means the average Netflix subscriber watched it 80 minutes a day — up from 64 minutes a day in the last three months of 2011. If true, he says, then ”Netflix would have been the 7th most watched network inclusive of broadcast and cable networks (up from#15 in Q4 2011). It also would have been #2 among cable networks, slightly larger than ESPN and just below Disney Channel.” Hastings’ news, along with an upbeat report today from Citigroup’s Mark Mahaney, contributed to a 6.2% jump in Netflix shares to $72.04. That’s not bad. But here’s something worth remembering as we approach the anniversary of Netflix’s July 12 announcement of its plan to split the streaming and DVD rentals into separate businesses, with a 60% price hike for people who wanted to keep both services. A year ago the company shares traded for close to $300.
By DAVID LIEBERMAN, Financial Editor | Tuesday July 3, 2012 @ 5:59pm EDTTags: Netflix, Reed Hastings
For all of Deadline's headlines, follow us @Deadline on Twitter.
This article was printed from http://www.deadline.com/2012/07/netflix-ceo-says-monthly-viewing-exceeded-1b-hours-in-june/