NETFLIX SAYS THE STREAMING VIDEO MARKET IS BIG ENOUGH FOR DISNEY+ AND APPLE TV+ TO FLOURISH ALONGSIDE NETFLIX.
Netflix writes in its shareholder letter that just 2% of mobile viewing goes to Netflix.
“WE DON’T ANTICIPATE THAT THESE NEW ENTRANTS WILL MATERIALLY AFFECT OUR GROWTH,” NETFLIX WRITES.
Netflix CEO Reed Hastings isn’t worried about Disney+ or Apple TV+.
NETFLIX CALLED OUT THE TWO NEW STREAMING SERVICES, BOTH WHICH PLAN TO LAUNCH LATER THIS YEAR, IN ITS QUARTERLY SHAREHOLDER LETTER ACCOMPANYING ITS Q1 ’19 EARNINGS REPORT.
“Recently, Apple and Disney each unveiled their direct-to-consumer subscription video services, ” Netflix wrote. “We don’t anticipate that these new entrants will materially affect our growth because the transition from linear to on demand entertainment is so massive and because of the differing nature of our content offerings.”
BOTH APPLE AND DISNEY “ARE WORLD CLASS CONSUMER BRANDS AND WE’RE EXCITED TO COMPETE,” NETFLIX WROTE.
“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.”
Netflix added 9.6 million paid customers in the first quarter, giving the company just shy of 150 million paid subscribers.