Netflix Surpasses Comcast in Market Value as Stock Hits Record High
Earning attention with new high-profile deals like its announcement of a multi-year agreement with former President Barack Obama and former First Lady Michelle Obama earlier this week, Netflix stock gained 4% to hit an all time high on Wednesday surpassing Comcast in market value, Variety is reporting.
Netflix reached a total market value of $149 billion, with Comcast ending the day with a market cap of $147 billion after falling almost 2%. The new market value takes Netflix closer to Disney’s market cap, which currently stands at $153 billion. Experts believes that Netflix will soon surpass the media giant as it continues to have a strong year.
In revenue terms, Netflix ($11.7 billion in 2017 revenue) is far smaller than Disney ($55.1 billion for the year ended Sept. 30, 2017) or Comcast ($84.5 billion last year). And it’s worth noting that Netflix remains well below the market caps of its so-called “FAANG” peers: Facebook ($538 billion), Apple ($925 billion), Amazon ($778 billion) and Google/Alphabet ($750 billion).
According to chief content officer Ted Sarandos, Netflix will spend upwards of $8 billion on content in 2018, with 85% of new spending being poured into original programming.
The streaming video giant expects to have nearly round 1,000 original TV shows, movies, specials and other programming by the end of 2018.