Netflix released its quarterly letter to shareholders [PDF] saying that it’s excited to have competitors like Apple and Disney.
[Analysts: Apple TV+ is no ‘Netflix Killer’]
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Netflix Revenue
The company announced that its Q1 2019 earnings are US$4.5 billion in revenue, which is up 22.2% year-over-year. The letter mentions Apple and Disney, but Netflix says it welcomes the competition:
Recently, Apple and Disney each unveiled their direct-to-consumer subscription video services. Both companies are world class consumer brands and we’re excited to compete; the clear beneficiaries will be content creators and consumers who will reap the rewards of many companies vying to provide a great video experience for audiences.
Because of how different Apple TV+ and Disney+ will be in terms of content, Netflix isn’t worried that those competing services will impede it, saying that its streaming service only represents about 10% of total TV usage, so it still has a lot of room to grow.
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I think Netflix is looking at this as another step towards people cutting the cord. They feel that their service is a “must have” in that situation. More streaming services means better opportunities for Netflix.
No doubt excited that Disney now owns Hulu, and narrows the number of subscriptions we’re likely to choose from, eh?