LOS ANGELES - Streaming pioneer Netflix showed resilience by gaining more quarterly subscribers than in the past three years despite strikes by Hollywood's writers and actors, sending its shares up 16.23 per cent on Thursday (Oct 19).
Netflix capitalized on its heft in global production, as well as the economic hardships of its media rivals, to garner 247 million subscribers in the third quarter, a gain of nearly nine million over the last three months.Netflix shares rose to US$402.37 , putting them on course for the biggest one-day percentage gain in nearly three years.
Members of the Writers Guild of America settled this month, though actors, who walked off the job in July, remain on strike. "With original US productions delayed and other TV and streaming companies no longer holding exclusive titles with vise grips, expect Netflix to revert to its past when many of its biggest shows were licensed," Benes said.
"Because of our distribution footprint and our recommendation system, we are able to take Suits, which had played on other streaming services, and pop it right into the center of the culture in a huge way," Netflix Co-CEO Ted Sarandos said during Wednesday's investor video.
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