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Even though every other media company seems to be starting a streaming service, Netflix is facing an on-screen challenge from another corner: "Fortnite," that ultra-popular, multiplatform videogame, appears to be a formidable foe.
"We compete with (and lose to) Fortnite more than HBO," Netflix said in a letter to shareholders Thursday as the company reported its quarterly earnings. "There are thousands of competitors in this highly fragmented market vying to entertain consumers."
Heels - Quarter - Netflix - Earnings - Report
On the heels of a celebratory third quarter, Netflix's latest earnings report was met with mixed reviews.
Though the streaming giant's subscription growth beat analyst expectations—Netflix reported 8.8 million new additions compared to the 7.5 million new subscribers that analysts projected—the video streaming company's shares fell about 3 percent in after-hours trading.
Netflix - Subscriber - Additions - Forecast
Netflix's global paid subscriber additions also topped its own forecast of 7.6 million.
"The fact that investors reacted negatively to what amounted to a strong performance indicates the extent to which Netflix has set a high bar," said eMarketer media analyst Paul Verna. "The bottom line is that Netflix remains the uncontested leader in the subscription video space."
Thursday - Announcement - Days - Media - Pricing
Thursday's announcement comes just two days after the streaming media titan flexed its pricing power, phasing in a U.S. subscription price hike over the next three months for existing subscribers. The new prices will become effective immediately for new subscribers.
The company reported a total of 393.3 million members worldwide.
October-December - Period - Year - Netflix - Subscribers
During the same October-December period last year, Netflix added 6.6 million paying subscribers and 8.3 million total subscribers.
The company is projecting it will add 8.9 million new paid customers during the first quarter, which is lower than analysts projected. Netflix expects earnings per share of 56 cents with revenue of $4.49 billion, compared with analyst estimates of 83 cents and $4.61 billion in revenue.
Netflix - Guidance - Membership - Subscriptions - Number
Netflix announces only guidance on paid membership subscriptions, rather than the total number...
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