New iPad app streams Netflix movies and TV

[BluLobsta]

And of course I don't own any Netflix stock

From StreetInsider.com:

Shares of Netflix (Nasdaq: NFLX) are rising today followings news that a new app will allow users to stream the movie distribution company’s content to an iPad.

Netflix members will be able to watch an unlimited amount of TV episodes and movies through it's subscription rental service on the new iPad which launched on Saturday to the masses. There will be no additional cost for Netflix members who pay as little as $8.99 per month for the content service.

"The innovation and consumer appeal of iPad make it a perfect device for instantly watching TV episodes and movies streamed from Netflix," said Reed Hastings, Netflix co-founder and chief executive officer. "We are excited to make a Netflix App available to iPad users beginning with the iPad launch."

The addition of the Netflix service to the iPad could prove beneficial to both companies, as the on-demand service had 12.3 million subscribers at the end of 2009. An early indication from Apple shows that more than 300,000 iPads were sold on the first day of its release. Analysts are estimating that 5 million units of the tablet computer will be sold by the end of 2010.

Shares of Netflix are up 5.55 percent to $79.16 today, while Apple shares are up 0.71 percent to $237.66.