As of 4:51pm Eastern, Netflix shares were up 0.41% in after-hours trading.
Netflix said in its letter to shareholders posted on its website Tuesday that Netflix would continue to prosper despite competition. Growth in its home country has been slowing in the a year ago, partly because most people in the USA who want Netflix already subscribe. Here, NFLX reported robust top-line figures, with overall revenue increasing 31% on a year-over-year basis - with FY19 revenue hitting US$20 billion.
After spending years as possibly the world's leading platform, Netflix They are beginning to feel the pressure when the so-called "transmission wars" really start to heat up.
"Great content grows engagement among our members, which we believe drives word-of-mouth, improves retention and grows paid memberships".
Netflix chief executive officer Reed Hastings described the fourth quarter's 8.76 million net subscriber growth - boosted by a new season of royal drama The Crown and two films nominated for Best Picture Oscars - as "just amazing". The miss marks the third straight time Netflix has failed to deliver in terms of the North American market.
Global expansion, a busy awards season and increased competition from new streaming services such as Disney+ and Apple TV+ are likely driving the uptick in marketing spend. Disney+ will launch in the UK, France, Germany, Italy, Ireland, Spain, Austria and Switzerland on 24 March. Netflix hiked prices in 2019 across all of its tiers.
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But not even these high-profile releases could juice domestic subscriptions.
Although promising their investors a new 600,000 subscribers, Netflix was only able to land about 420,000, and it may have been something to with Disney+.
Globally Netflix added 8.76 million new customers in the three months to December - more than one million greater than the company itself had forecast - despite just 420,000 of the total coming from the USA and Canada. According to the company, it ended Q4, 2019, with 167 million paid subscribers globally, more than 100 million of which are in worldwide markets. (NASDAQ: AAPL) and Walt Disney Co. He said that the service was continuing to grow as consumers turned away from linear TV in particular "because our content is getting better [and] our service is getting better". Earnings per share of $1.30 topped 30 cents the year earlier and Wall Street estimates of 53 cents.
Pescatore said that despite the more intense competition in the U.S. market in particular, Netflix "remains in pole position" and should be able to weather the storm in the short-term.
Netflix, meanwhile, is seemingly putting up a fearless front in the face of the continuing onslaught from new streaming platforms, saying that it believes that there's enough room for multiple new services as the streaming market continues to grow and conventional TV continues to decline in the coming days.