CALIFORNIA: Online video service company Netflix said its profit in the second quarter is more than double as compared to the same period of the previous year.
According to the company, the revenue from its streaming content service increased nearly 50% to $1.2bn, compared to $837m a year earlier.
As stated by the company, it added 1.69 million users during the period from March to June. The users of the streaming company have now reached to 50 million in over 40 countries. Netflix has sought to disburse the television industry by commissioning original content for its streaming-video platform and taking on forming brands such as HBO.
Its programs have collected a record 31 nominations for TV awards while last year the company’s original programming was nominated for 14 Emmy TV awards out of which it won three.
Moreover, the company has endured few setbacks in the US, as it has tackled with internet services providers (ISPs) such as Verizon over who must pay for the increasing pressure that streaming video puts download speeds.
In a letter to shareholders showing the profit, Mr Hastings wrote:
“Our focus on strong net neutrality, including interconnection, is about preventing large ISPs from holding our joint customers hostage with poor performance to extract payments from us.”
There is also a 2% increase in company’s shares in trading which were already up to 22% for the year.