Netflix: We Don't Need New Releases

(TheStreet) -- Netflix (NFLX) isn't concerned with criticism that its streaming library is paltry when it comes to new movie releases. In fact, the company is quite content to cede the new release territory to its competitors. "Not many people are coming to Netflix for new releases since they can get them elsewhere," company spokesperson Steve Swasey says. Instead, he says consumers are going to kiosks, retail stores and retaining their pay per view -- in essence, going elsewhere to find a service that Netflix feels isn't crucial to provide. "New releases don't drive our business," Swasey says. "That's all the kiosks and retailers have. Netflix is about variety and instant access to a deep catalog that offers convenience, selection and value." Continue reading the article.