UPDATED: Variety updated their initial story to state that, for a hot minute, Netflix’s stock prices were such that it was briefly valued more than Disney, but that by the end of Thursday, Disney had taken the lead again.
It has been quite a year of good news and new ventures for the leading streaming service in the nation, and it’s only May.
In the first five months of the year, Netflix has debuted the second season of one of its Marvel heroes (Jessica Jones), it’s Chief Content Officer has stated that the service plans to house up to 1,000 original titles by the end of the year, 13 Reasons Why takes the top spot in the streaming of digital original programs, and just a few days ago, the Obamas signed a multi-year deal to produce content for the streaming service. All that seems to have contributed to the company’s latest success.
Variety is reporting that Netflix’s market value has surpassed that of cable giant Comcast and is now quickly approaching the market cap of Disney. Netflix’s stock price hit $344.42 at the end of trading on Wednesday. It’s total market cap hit $152.8 billion, surpassing Comcast’s cap of $147.15 billion. With Disney sitting at $153.36 billion, Netflix is less than $500 million from passing up the Mouse House.
Fresh off the news of President Barack Obama and former First Lady Michelle Obama signing on with the company, Netflix’s stock rose nearly 4% Wednesday, while Comcast’s fell 2%. For the year, Netflix’s stock has shot up 70% and surpassed expectations at its Q1 2018 market report, where the company presented that it had made a net profit of $290 million and surpassed 125 million subscribers worldwide.
Netflix is rolling on, pedal to the metal, with no plans of hitting the brakes anytime soon.
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