Netflix, the online service that sends DVDs to subscribers via mail, today reported net income of $22.7 million on revenues of $359.6 million for the final quarter of fiscal 2008, which ended Dec. 31, 2008. Numbers for the whole year were $83.0 million and $1.365 billion, respectively.
Netflix co-founder and CEO Reed Hastings attributed the success a near-record number of subscribers signing up for its DVD service, as well as growing popularity for the company's Internet-based movie-streaming initiatives. The company claims approximately 9,390,000 total subscribers as of quarter-end, representing a 26 percent increase from a year ago and an 8 percent from the third quarter.
Netflix offers more than 100,000 DVD titles through mail service, which are ordered via the company's eponymous Web site, as well as 12,000 instantly viewable streaming titles. Netflix subscriptions range from $4.99 per month to $16.99 per month depending on service level. The company has engaged in several partnerships that utilize its streaming capabilities and catalog, including with Microsoft Corp.'s popular X-Box 360 gaming console. With wide-ranging choices, flexibility, and affordability, the business may be the beneficiary of a down economy, where patrons shy away from spending $10 per ticket to visit the movie theater. The company is anticipating an additional 800,000+ subscribers at the close of Q109.
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