Netflix Reports Q4 Revenue Miss

22 January, 2019, 11:04 | Author: Erin Carter
  • Netflix declines to remove controversial footage from 'Bird Box'

Revenue grew 27 percent to $4.19 billion in the fourth quarter, short of the $4.21 billion projected by Wall Street.

Netflix licensed the footage of the disaster from the stock image vendor Pond 5 and used it in Bird Box in an early TV news montage to set up its horrific premise. Analysts had expected 7.5 million new subscribers while Netflix itself had forecast 7.6 million.

Netflix is facing backlash after two of its originals, Travelers and Bird Box, reportedly used footage from the tragic 2013 Lac-Mégantic rail disaster, in which dozens were killed.

And with premium subscriptions now sitting at $16 per month, it's not out of the realm of possibility that Netflix could eventually charge $20 per month for the ability to stream 4K content in the future.

Even more detailed statistics were provided from Netflix including its USA market share of 100 million hours of viewing per day.

"They had more net [subscriber] adds in Q4 this year than they had last year, they're now approaching 50% penetration of U.S. TV households", Forrester analyst Jim Nail told MarketWatch.

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For the first quarter, Netflix is forecasting earnings of Dollars 56 cents on revenue of USD 4.49 Billion.

Netflix said other recent audience favourites included romantic television thriller series You and British young adult comedy series Sex Education, both of which are expected to be watched by more than 40 million member households in their first four weeks.

In the previous quarter, ended December, Netflix's revenue was placed at $4.19 billion whereas Wall Street had forecast the company's revenue at $4.21 billion.

The service now has 139 million subscribers globally. He said his company has contacted customers who purchased any related clips of Lac-Megantic.

During the fourth quarter, the streaming service added a record 8.8 million paid memberships - 1.5 million in the US and 7.3 million internationally. This week, Netflix introduced price increases, and some of its subscribers have had enough. For the first quarter, Netflix predicted even a growth in customer numbers by 8.9 million, which was above the expectations of analysts. The company said sales will be $4.49 billion, compared with analysts' projections of $4.6 billion. Stocks also dropped by around 3% in after hours trading on Thursday.

Canadian viewers had earlier become aware that images of the disaster had also been used in another Netflix show, the science fiction series Travelers. Both of the companies are now in the process of developing their own streaming platforms and in the case of Disney, Netflix has started to distance themselves from the company by canceling Disney-owned properties like Daredevil, Iron Fist, and Luke Cage.

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