Wednesday, October 20, 2010

Netflix bets on online streaming

Video rental and streaming service Netflix paid about $115 million in its most recent quarter to acquire new content for its online streaming video library after its quarterly profit jumped by about 27 percent year-over-year last quarter.

The $115 million payout this quarter was more than ten times greater than the $10 million it paid in the same quarter last year.

Netflix also paid out $66 million last quarter to acquire additional content for online streaming. About one fifth of Netflix’s operating revenue last quarter was used to acquire new streaming content.

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