Netflix, Inc. (NFLX): 21 Revelations From This Just-Released, Mammoth Document

Page 4 of 18

On who Netflix’s biggest competitor is: “The network that we think likely to be our biggest long-term competitor-for-content is HBO. They recently won, for example, long-term exclusive domestic movie output deals with Universal and Fox. They bid against us on many Original projects. They are not currently a bidder against us for prior-season television from other networks. They have global reach and strengthening technology capacity.”

-Netflix Long Term View, page 8

Page 4 of 18