Top Business News
Netflix Expands Movie Streaming to Sony
Jeanine Poggi
07/09/09 - 02:15 PM EDT
In its path to own the movie-renting business, Netflix(NFLX Quote) announced today that it will stream movies to Sony's(SNE Quote) Bravia high-definition, Internet-connected TVs starting this fall.
The online retailer is planning on expanding its streaming service to the Roku player, Microsoft's(MSFT Quote) Xbox 360 video-game console and recorders made by TiVo(TIVO Quote). It also has partnerships with LG Electronics and Samsung.
Netflix offers about 12,000 movies and TV shows for instant streaming over the Internet, for no additional cost to subscribers who pay at least $9 per month for a DVD rental plan.
The company has been slowly gaining steam against rival Blockbuster(BBI Quote). In April, Netflix posted a 68% surge in first-quarter earnings to $22.4 million, or 37 cents per share, and said it has added 1.6 million subscribers since September, giving it more than 10 million customers.
Blockbuster, on the other hand, saw profits plunge 42% in its first quarter to $24.9 million, or 12 cents a share.
Shares of Netflix rose 3% to $39.74 in afternoon trading.