HBO is a division of Time Warner (TWX).
Netflix has international opportunities, but that could be smaller than the bulls expect, Kirjner notes. Areas such as Latin America and Western Europe do not offer the level of infrastructure capabilities (high-speed Internet, wealth) that Netflix enjoys in the U.S. The market in Latin America might be only 10 million households, and 17 million households in Western Europe.
"The international opportunity is material, but smaller than first meets the eye, limited by bad infrastructure and poverty in Latin America and by different competitive dynamics in Western Europe where Netflix is not the first entrant and will enjoy lower market share and hence smaller (relative) scale than in the US," Kirjner wrote.
-- Written by Chris Ciaccia in New York>Contact by Email. Follow @Chris_Ciaccia
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