Friday, January 23, 2009
LoveFilm hits 1m subscribers
As hoped for, the credit crunch has given a boost to home entertainment.
LoveFilm already had significant momentum having added 100,000 new subscribers during 2008, but January has continued this trend.
In addition to announcing the 1m subscriber number, LoveFilm also announced an injection of £10.5m in Bank Debt which it plans to invest in new on-demand technology as well as repay existing debts. [Who says banks aren't lending?]
Lovefilm became profitable last year having achieved revenue growth of around 50%.