More than 300,000 have signed up for Stan, the $100 million Fairfax and Nine streaming media joint venture competing against Netflix.
In Fairfax Media’s annual results released today, the numbers show Stan is on track to have 300,000 to 400,000 active subscribers by the end of the year.
Fairfax CEO Greg Hywood said: “Joint venture subscription video-on-demand service Stan launched on Australia Day and is fast gaining traction with consumers, with well over 300,000 gross sign-ups as at August 3.”
A recent note by Citi media analyst Justin Diddams estimates Netflix’s penetration is already five times higher than Stan.
But Stan has been fighting back, announcing content deals with exclusive shows fast-tracked to the platform.
Fairfax’s underlying net profit after tax decreased 3.9% to $143.4 million. Revenue increase 0.3% to $1.840 billion.
The company declared a final dividend of 2 cents a share, 50% franked, bringing the total for the year to 4 cents, 75% franked.
(Disclosure: Allure Media, the publisher of Business Insider, is 100% owned by Fairfax Media)