By Rachel Lerman, Technology Writer
SAN FRANCISCO (AP) --Netflix added 8.8 million worldwide subscribers during its fourth quarter, surpassing expectations at a time when it faces heated competition from new streaming challengers such as Disney.
Netflix had said it expected to add 7.6 million subscribers, and analysts thought the service would fare even better. The increase pales slightly next to the 8.9 million subscribers the service added in the fourth quarter of 2018.
The stock dropped about 2.5 percent in after-hours trading, likely due to a cautious forecast for its first quarter.
The company — a pioneer in producing streaming media and binge-worthy shows — now boasts more than 167 million subscribers worldwide, bolstered by a list of well-received movies and shows released late last year including Oscar nominees "The Irishman" and "Marriage Story."
The boost helps reaffirm Netflix's strong standing in the increasingly crowded world of video streaming. The fourth quarter was an important milestone for Netflix, as it was marked its first head-to-head competition with Apple's $5-per-month streaming service and Disney's instantly popular $7-a-month option.
Still, it's unlikely to be a smooth road for Netflix. NBC, HBO and startup Quibi are all planning to launch new streaming services soon.
Two big questions loom: How much are consumers willing to pay for each video streaming option, and how many will they pay for before reaching subscription fatigue?
Netflix's most popular plan costs $13 a month, far more than Disney, Apple and Quibi. But it's comparable to Hulu and HBO Now, and boasts one of the largest libraries of TV shows and movies, not to mention regularly updated original shows.
In the U.S., Netflix added 420,000 subscribers, below its own estimates. Growth in its home country has been slowing in the last year, partly because most people in the U.S. who want Netflix already subscribe.
The company reported profit of $587 million on revenue of $5.47 billion, exceeding expectations.
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More