Netflix boasts revenues have overtaken HBO

Netflix co-founder and CEO, Reed Hastings

Netflix co-founder and CEO, Reed Hastings

Netflix CEO Reed Hastings has taken to Facebook to boast that the streaming service generated greater revenues than its premium cable rival in the most recent quarter.

He posted: “Minor milestone: last quarter we passed HBO in subscriber revenue (US$1.146 billion vs US$1.141 billion). They still kick our ass in profits and Emmys, but we are making progress.”

Striking a more conciliatory tone, the Netflix chief added: “HBO rocks, and we are honored to be in the same league. (Yes I loved Silicon Valley and yes it hit a little close to home.)”

HBO parent group Time Warner reported second quarter results this week. The HBO numbers underline Hastings point about profitability. The premium cable net posted an operating profit of US$548 million (€410 million) compared with US$450 million a year earlier.

Netflix filed second quarter results last month and reported a profit of US$212 million. Although considerably smaller than the HBO profit figure Netflix did register significant year on year growth, with profits for the same quarter a year earlier at US$85 million.

Separately, comedy series Arrested Development looks set for another series on Netflix. Last year, the streaming service resurrected the comedy series, which originally ran on the US Fox network from November 2003 to February 2006.

One of the stars of the show, Will Arnett, told a US breakfast show that he and the cast are set to make a sixth series of the show (and second for Netflix) and Ted Sarandos, the streaming service’s content boss, has said it is a matter of when not if a new season is produced.

Twentieth Century Fox Television and Ron Howard and Brian Grazer’s production firm Imagine Television make the show.