Netflix is ​​not afraid of Apple TV+. The arrival of another service is said to actually benefit him

Less than two weeks before the launch of Apple TV+, competitor Netflix published data on its profits for the third quarter of 2019. This report also includes letter to shareholders, in which Netflix admits a certain possibility of threat from Apple TV+, but at the same time adds that it does not admit to any major worries.

CNBC has published the results of Netflix's business for the third quarter of this year on its website. Revenue was $5,24 billion, beating Refinitiv's consensus estimate of $5,25 billion. The net profit then amounted to 665,2 million dollars. Paying user growth domestically rose to 517 (802 was expected), and internationally it was 6,26 million (FactSet expected 6,05 million).

The biggest change for Netflix this year will be the launch of Apple TV+ in early November. The Disney+ service will then be added in mid-November. Netflix said in its statement that it has long competed with Hulu and traditional TV stations, but the new services represent an increase in competition for it. Netflix admits that competing services have some really great titles, but in terms of content, they can't match Netflix's diversity or quality.

Netflix further states in its report that it does not deny that the arrival of competition could affect its short-term growth, but is optimistic in the long term. According to Netflix, the market tends to lean towards streaming services, and the arrival of Apple TV+ or Disney+ could accelerate this transition from classic TV to streaming and thus actually benefit Netflix. Management believes that users will prefer to use multiple streaming services at once rather than canceling one service and switching to another.

Source: 9to5Mac