HBO has been around since 1972 but quickly-growing Netflix just announced a milestone in which it has finally surpassed the company. CEO Reed Hastings took to Facebook recently to announce what he calls a “minor milestone,” though we think that’s an understatement.
“Minor milestone: last quarter we passed HBO [in] subscriber revenue (1.146B vs. $1.141B),” Hastings said in a Facebook post. “They still kick our a** in profits and Emmy’s, but we are making progress. 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.” Netflix has indeed done a great job, particularly with original content like Orange is the New Black (12 Emmy nominations) and House of Cards (9 Emmy nominations).
It’s refreshing to hear one company pat a competitor on the back, but Netflix still has other problems. The company has staunchly opposed Comcast’s planned acquisition of Time Warner Cable, and has been in battles with Verizon and other cable companies to make sure its content is streaming at a high enough quality for customers. The cable companies have been pointing fingers at Netflix, while Netflix, which also pays to make sure its data flows smoothly, says the cable companies are to blame.