Bolstered by international expansion, video streaming service Netflix reported a 32% year-on-year increase in revenues for the second quarter to 2.8 billion US dollars. It forecast that revenues will rise 30% in the third quarter to just shy of 3 billion dollars. Paying members in the US rose one million during the second quarter to 50.3 million, while paying members outside the US rose 4.1 million to 48.7 million.
Netflix added: "YouTube is earning over a billion hours a day of consumers’ time with one type of entertainment, while we are earning over a billion hours a week with our type of entertainment. .. we’ve grown from zero to over 50 million streaming households in the US over the last 10 years, and yet HBO continues to increase its US subscriptions...The largely exclusive nature of each service’s content means that we are not direct substitutes for each other, but rather complements...The internet may not have been great for the music business due to piracy, but, wow, it is incredible for growing the video entertainment business around the world." source: Netflix statement
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