the industry

Netflix’s Big Summer

Good-bye, mailbox.

The company’s third-quarter earnings report came out today, and its stock went up on the news that it gained 1.93 million new subscribers in the period from June to September. That’s nearly twice the rate of the previous three months.

CEO Reed Hastings used the opportunity to convince doubters he was ready for the day when its 16.9 million subscribers threw out their DVDs. “By every measure, we are now primarily a streaming company that also offers DVD-by-mail,” he said in a press release, which explained that the percentage of users who used Netflix on the web jumped nearly 25 points in the past year. He later told reporters that the company may offer streaming-only service in the U.S. by the end of the year.

Netflix 3Q Earnings Report [Official site]
Netflix may offer U.S. Web service in 2010, shares up [Reuters]

Netflix’s Big Summer