Netflix chief Hastings to leave Facebook board

SAN FRANCISCO, United States — Netflix chief Reed Hastings will depart Facebook's board of directors at the end of next month, according to a Friday filing with US regulators by the leading social network.

Neither Hastings nor businessman and political figure Erskine Bowles, who have been on the board since 2011, will be nominated for re-election at an annual shareholders meeting on May 30, Facebook said in a filing with the US Securities and Exchange Commission.

Hastings' departure comes as the social network prioritizes services such as live streaming and on-demand video that compete with Netflix.


Facebook said it had nominated PayPal core markets senior vice president Peggy Alford to join its board, making the tech industry veteran the first African-American woman to join its ranks.

"Peggy is one of those rare people who's an expert across many different areas -- from business management to finance operations to product development," Facebook co-founder and chief executive Mark Zuckerberg said in the filing.


"I know she will have great ideas that help us address both the opportunities and challenges facing our company."

Facebook's board members include Zuckerberg, investor Marc Andreessen, chief operating officer Sheryl Sandberg, and Peter Thiel of the Founders Fund.

"What excites me about the opportunity to join Facebook's board is the company's drive and desire to face hard issues head-on while continuing to improve on the amazing connection experiences they have built over the years," Alford said in the filing.

Facebook has been grappling with questions over its handling of personal data of its more than two billion users and protects against -- as well as concerns the social network is used to spread misinformation and abuse.

source: philstar.com

Netflix adds 7 million subscribers in global expansion

SAN FRANCISCO, Caifornia – Netflix added a record seven million subscribers over the past quarter as part of its global expansion drive, fueling a surge in revenue and profit for the streaming television giant.

California-based Netflix said in its quarterly report Wednesday it ended the year with nearly 94 million subscribers, adding five million outside the United States in the last three months of the year.

“This was the largest quarter of net additions in our history and was driven by strong acquisition trends in both our US and international segments,” Netflix said in its quarterly update.

That growth helped push net profit up 55 percent in the fourth quarter to $66.7 million, while revenues were up 36 percent from a year earlier to $2.5 billion.

The stronger-than-expected results lifted Netflix shares more than eight percent in after-hours trade.

Decade of streaming
“This quarter marks the 10-year anniversary of our launch of streaming,” said Netflix.

“The next decade will be even more amazing and tumultuous as internet TV supplants linear TV, and as we strive to remain a leader.”

Netflix added nearly 20 million new customers globally in the full year after announcing last January its plan to expand to some 190 countries to become a “global television network.”

“We are learning rapidly how best to match content with audience tastes around the world,” said the company’s quarterly letter to shareholders.

“It is clear to us that high quality content travels well across borders.”

Netflix said itexpects to see strong growth ahead even as it faces more competitors such as Amazon, which is also expanding globally.

The letter said Netflix expects 5.2 million new customers globally, including 3.7 million outside the US in the first quarter.

“We will seek to steadily increase revenue and operating margin as we balance growth and profitability,” the statement said.

“We are in no rush to push margins up too quickly, as we want to ensure we are investing aggressively enough to continue to lead internet TV around the world.”

The expansion drive has meant that nearly half — 47 percent — of Netflix users are now outside the United States, a proportion expected to increase as it adds more customers.

Counting on content
Known for its broad array of on-demand content and original productions such as “House of Cards” and “Marco Polo,” Netflix said it continues to invest in new content.

Conlumino analyst Neil Saunders said that content was a strong driver of Nexflix’s success, with subscriber ranks climbing despite a recent price increase.

“Netflix is now producing world-leading TV that spans a whole range of tastes from cult shows like ‘Stranger Things,’ to historical dramas like ‘The Crown,’ to light entertainment like ‘Fuller House,’ he said in emailed comment.

“Our own data show the value for money perception of Netflix has actually increased since the price rise.”

Conlumino was encouraged by the pipeline of shows in the works at Netflix, including international productions created with local talent and themes.

International growth remains a money-losing operation as Netflix invests in winning audiences around the world, but the analyst saw the strategy as necessary to counterbalance inevitable slowing at home.

“Overall, we believe Netflix is headed firmly in the right direction,” Saunders said.

source: interaksyon.com