Applications
Netflix has 36 mn subscribers; posts $3 mn profit
MUMBAI: OTT subscription service Netflix has reported better than expected first quarter results resulting in its stock appreciating by over 20 per cent. It now has 36 million subscribers. During the first quarter three million were added.
For the first time the company‘s revenue in a quarter touched $one billion. The company managed to record profits of $ one million compared to a loss of $five million during the same period last year.
Netflix added a million streaming subscribers in its markets outside the US. It plans to launch in a new European market in the second half of the year. In the US it added 2.02 million new customers. On the content side it has discontinued its deal with Viacom. Netflix will stream content from Nickelodeon, BET and MTV till the end of next month. After that it will let the deal expire. But the company is looking at a deal where it can stream some of Viacom‘s shows. The focus of Netflix is on exclusive content.
Netflix CEO Reed Hastings and CFO David Wells in a letter to shareholders wrote, “The launch of ‘House of Cards‘ provided a halo effect on our entire service. Customer response to the show increased our confidence in our ability to pick shows Netflix members will embrace and to pick partners skilled at delivering a great series”.
Netflix‘s share price has crossed $200 compared to a 52 week low of $52 in August.
Applications
JioFinance rolls out multi-bank fixed deposit platform
Users can compare, invest and track fixed deposits across issuers in one place
MUMBAI: The JioFinance app has launched a unified platform allowing users to compare, invest in and track fixed deposits offered by multiple banks and non-banking financial companies, sharpening its push to become a one-stop destination for digital financial services.
The new feature aggregates fixed deposits from a range of issuers, including small finance banks and NBFCs, enabling customers to filter options by interest rate and tenure and complete the entire investment journey digitally.
Interest rates on the platform go up to 8.15 per cent per annum, with users able to view tenure, tax treatment, lock-in conditions and premature withdrawal terms before investing. Once booked, deposits can be monitored through a consolidated dashboard that tracks returns, maturity dates and renewal reminders.
Jio Finance Platform and Service Limited chief executive officer Surbhe S Sharma, said the offering addresses a long-standing pain point for savers, who often struggle to compare issuers and manage deposits spread across institutions.
Fixed deposits remain one of India’s most popular savings products, and the company is betting that transparency and ease of use will draw users seeking stable, low-risk returns.
The FD marketplace on the JioFinance app is powered by Blostem Fintech Private Limited, which operates as a business correspondent and technical service provider to partner banks and NBFCs.
