What you need to know
- Netflix has released a letter to shareholders detailing performance.
- It also argues that the launches of Apple TV+ and Disney+ will help its business as well.
- Apple TV+ launches on November 1st and Disney+ on November 12th.
Netflix has released its financial report for Q3 2019 in a letter to shareholders today in which it addresses the upcoming competition from new streaming services like Apple TV+ and Disney+. Reported by 9to5Mac, Netflix argues that new competition will actually boost its own overall subscribers rather than take away from them because the real opportunity exists in on-demand services taking over the traditional cable market.
Netflix estimates the service is still only at 10% of TV screen time in the US and that cable makes up the vast majority of the rest of that time. Based on that estimate, the company believes that Netflix doesn't need to beat Apple or Disney, but that the market is big enough for many competitors as the shift from cable to streaming continues.
They do recognize that the new streaming services may cause "modest headwind to our near-term growth", but they argue that in the long term the service will continue to scale across the world steadily.
Apple TV+ releases on November 1st while Disney+ will release two weeks later on November 12th.
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Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.