With Netflix reaching a record high valuation, it highlights the cracks forming in the old dinosaur version of the media. Video streaming services like Netflix, Hulu and others show the direction TV will be taking in the future. The success of these companies have spurred others to replicate the services. These include, Yahoo Screen and the new HBO Go. This new way of watching movies and TV is not going to go away.
Smart TVs and peoples desire to watch what they want when they want will ensure the expansion of streaming services in the future. And I for one am glad.
By Lucas Shaw
Netflix Inc. soared to a record high after saying that its video-streaming service topped 62 million subscribers worldwide, as original shows such as “House of Cards” drew new viewers globally.
The stock jumped 18 percent to $562.05 at the close in New York, the biggest daily gain in almost two years, giving the Los Gatos, California-based company a market value of $34 billion, exceeding that of CBS Corp.
U.S. subscribers jumped by 2.28 million in the first quarter, while international accounts rose 2.6 million, Netflix said Wednesday on its website. Both figures beat its Jan. 20 forecast. Sales grew 24 percent to $1.57 billion, matching analysts’ projections. READ MORE …