Share: twitterTweet facebookShare

Netflix Surpasses Comcast in Market Value as Stock Hits Record High

Share: twitterTweet facebookShare


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.

Share: twitterTweet facebookShare