Netflix Earnings Letter Takes On Streaming Rivals, Loss Of ‘Friends,’ ‘The Office’

entertainment,” the letter noted. “The competition for winning consumers’ relaxation time is fierce for all companies and great for consumers. The innovation of streaming services is also drawing consumers to shift more and more from linear television to streaming entertainment.”Even so, the company sees plenty of room for improvement, given that it accounts for 10% of total customers’ total TV time.

“We don’t have material viewing concentration as even our largest titles account for only a low single digit percentage of streaming hours,” the letter said. “From what we’ve seen in the past when we drop strong catalog content our members shift over to enjoying our other great content.” The company also rebuffed the oft-speculated notion that it might consider implementing an ad-supported tier in order to shore up its finances.

“We, like HBO, are advertising free,” the company said. “That remains a deep part of our brand proposition; when you read speculation that we are moving into selling advertising, be confident that this is false. We believe we will have a more valuable business in the long term by staying out of competing for ad revenue and instead entirely focusing on competing for viewer satisfaction.”

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