Netflix called most-watched 'cable network' in U.S.

Posted By Kristen Butler,  |  April 11, 2013 at 5:01 PM
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Netflix CEO Reed Hastings took to Facebook Thursday to announce that subscribers watched 4 billion hours of content on Netflix in the first quarter, the vast majority in the U.S.

Wall Street analyst Richard Greenfield of BTIG Research said the Netflix users are watching an average of about 87 minutes of content per day, per household, "essentially in-line with the Disney Channel."

With an estimated 28 million Netflix streamers in the first quarter, Greenfield declared that the new-media company is "now likely the most-watched cable network," according to The Hollywood Reporter.

Despite low subscriber growth last year, original content like "House of Cards" and the upcoming continuation of cancelled cult comedy "Arrested Development" are driving usage. Hastings wrote in his Facebook post that higher prices could be coming.

"With streaming per sub per day continuing to tick higher ... we presume churn is continuing to fall -- implying that the price/value of a Netflix subscription is increasing."

Shares of Netflix have more than tripled in the last six months, to $173.01 on Thursday.

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