>> Netflix streamed another earnings hit on Monday with the release of the second seasons of critically acclaimed shows The Crown and Stranger Things and Will Smith's action film, Bright, which got rotten reviews but a lot of clicks. Netflix blew past its own target, hooking over 8 million more subscribers in the last quarter of 2017, much higher than the 6 million plus it had forecast.
Netflix has already clinched over half of all US broadband households, so it's pushing hard in markets abroad where it's finding the bulk of new users. Investors bid up the stock over 10% on Tuesday morning to another record high, pushing the market cap above $100 billion. In just the first three weeks of the year, the stock rose over 30% and that's on top of a 50% rise last year.
Reuters reporter Lisa Richwine.>> Netflix is still spending a lot of money on content. They say they're gonna spend up to $8 billion next year, so the risk is whether they can keep adding enough subscribers to keep paying these big content bills.>> The Me Too movement launched last year, also taking a toll on Netflix's bottom line.
>> Netflix reported a $39 million charge against their earnings for unreleased content. And I understand that it's all related to the Kevin Spacey situation. They had to stop production on House of Cards and also scrapped a movie that they had with him where he was going to play Gore Vidal.
>> The streaming video company faces increasing competition, not just from Amazon and Hulu but also from Disney, which is making a major push into online streaming. And will pull it's first run shows and movies from Netflix in 2019 as Hollywood fights for audiences.