Tax Dodger Netflix Rakes In Millions As Subs Rise Along With Costs
A US Compmany that is milking as much as they can get out of Australian consumers does not employ staff in Australia, it also appears that the Company has also given Australian production Companies the flick.
Their latest result topped the company’s own forecast for 4.05 million additions. Including customers signed up for free trials, Netflix now has more than 62 million subscribers worldwide.
However, it posted wider losses to US$65 million ($A85 million) from $35 million a year ago, and the division is projected to be even more of a drag in the second quarter with an estimated loss of $101 million.
Overall, Netflix reported a first-quarter profit of $23.7 million down from $53.1 million a year ago. Revenue increased 24 percent to $1.57 billion.
Netflix, which offers service in roughly 50 countries, started operations in Cuba, Australia and New Zealand in the most recent period.
But the company said it is regretting deals such as those with Optus and iiNet which allow customers to access the service without it counting towards their monthly data quotas. This placed Netflix at a competitive advantage over rivals like Stan and Presto, which still have data counted.
Netflix backed its strong stance on net neutrality across the globe, and said that it had decided not to sign any more agreements like the ones signed with Optus and iiNet.
“Data caps inhibit Internet innovation and are bad for consumers. In Australia, we recently sought to protect our new members from data caps by participating in ISP programs that, while common in Australia, effectively condone discrimination among video services (some capped, some not),” the company said.