Roku is proving to be the little engine that could in an entertainment world dominated by streaming services. Early Thursday morning it was revealed that stocks for the company rose 22% sealing what was already a “flawless quarter.” for the streaming platform provider.
Due to Roku’s growing numbers, the company doesn’t seem too worried about the upcoming launch of both Disney and Apple’s streaming platforms. “It is increasingly clear that the shift to streaming is accelerating,” Roku CFO Steve Louden said. “There is more cord cutting, more major new streaming announcements, and more ad dollars flowing to OTT [over-the-top video programming].”
In fact, the subscriber count for Roku rose by two million people during the first quarter, a 40% increase, giving the company 29.1 million active users. The future is looking pretty bright of Roku who topped Samsung Electronics as the number one smart television operating system in the U.S., a feat that Louden is the “most proud of.”
With competition continuously growing in the streaming industry, the increase in prices is also affecting the business. However, Louden says the company “haven’t necessarily seen a lot of impact.” He then added, “but certainly, there’s a lot of competition, so we’re happy to be the platform to provide the tools to grow that audience.”
Watch the video above to see how Roku has risen above the competition.