Amazon going head to head with Netflix as it invests $1.3 billion in its online streaming service Prime Instant Video
The news came as Amazon revealed strong Christmas sales
Amazon is going up against Netflix and betting big on streaming.
Amazon founder Jeff Bezos has revealed that the company last year spent $1.3 billion on its online streaming service Prime Instant Video, investing in programmes such as Mozart in the Jungle and Golden Globe-winning Transparent. Amazon revealed recently that it has also signed up Woody Allen to direct an exclusive series for Prime Instant Video, the director’s first effort in the TV format.
The news came as Amazon revealed strong Christmas sales, with a 15 per cent rise in revenue to $29.6 billion during the three months to the end of the year. Amazon said 5.5 million products were sold in the UK on Black Friday, an average of 64 items per second. Popular items included theKindle Fire HDX and the Dolce Gusto Mini Me Coffee Capsule Machine.
Amazon shares jumped 12 per cent in afterhours trading.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies