Netflix just keeps going and going. The stock is up more than 6% this morning — yes, it touched another new high at $692.79 — after the company unveiled a deal with Marriott Hotels that they say will “revolutionize the guest room entertainment experience.” Marriott will be the first hotel chain that enables Netflix subscribers to watch its shows on the room TV.
The announcement is the latest to help propel Netflix’s share price, which now has doubled since the beginning of the year — and is up 19.3% over the last 30 days. Yesterday investors agreed to let the company increase the number of shares to 5 billion from 17 million, presaging a stock split that would make the shares more affordable for average traders. Also within the last week Netflix secured distribution rights to a Brad Pitt film, War Machine, and announced a plan to expand to Italy, Portugal and Spain.
The Marriott program is live at six hotels. It should available at 100 properties by year end, and almost all of the chain’s 300-plus Marriott-branded U.S. properties by the end of 2016. The company says that it will extend the program to its other hotel brands “in the future.” Marriott’s portfolio also includes Fairfield Suites, Renaissance Hotels, and Ritz Carlton.
“Our collaboration with Netflix responds to changing consumer preferences in the way our guests access and watch content, while recognizing the leading role Netflix is playing in driving this transformation,” Marriott Brand Management VP Matthew Carroll says.
The chain adapted the Netflix app. People staying multiple nights only have to log in once. And their account info will be “automatically wiped clean from the televisions” when they check out.
“Our members tell us they want to watch Netflix anytime, in any place where they have an Internet connection,” says the streaming company’s Global Head of Business Development Bill Holmes. “Through our partnership with Marriott, they’ll get to watch their favorite motives, TV shows and Netflix originals on big screens just like they do at home.”