Netflix Tops $1 Billion in Q1 Streaming Revenue, Surpasses 48 Million Subscribers

Following a strong last quarter of 2013, Netflix on Monday reported that its first quarter of 2014 was even better, bringing in more than

Following a strong last quarter of 2013, Netflix on Monday reported that its first quarter of 2014 was even better, bringing in more than $1 billion in quarterly streaming revenue and finishing up the quarter with more 48 million global subscribers. Total revenues for the quarter were $1.27 billion.A full 4 million new members joined the service during Q1, compared with 3.05 million new members added in the same quarter a year ago. Included in that figure are 1.75 million international members, which represent a 72% increase over the 1.02 million net additions the company saw in 2013’s Q1. At the end of 2013, Netflix had 44 million subscribers.Netflix attributed much of its gain in membership to its original programming initiatives, which “gained momentum in Q1,” wrote CEO Reed Hastings and CFO David Wells in a letter to shareholders. For example, House of Cards Season 2 debuted in February, attracting a “huge audience that would make any cable or broadcast network happy,” they noted.Also noted in the letter to shareholders was Netflix’s planned price increase. The company saw “limited impact” from its January price hike for new members in Ireland, it said; that increase took prices from €6.99 to €7.99, with all existing members grandfathered at €6.99 for two years.”Our current view is to do a one or two dollar increase, depending on the country, later this quarter for new members only,” Hastings and Wells wrote. “Existing members would stay at current pricing (e.g. $7.99 in the U.S.) for a generous time period.”

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