Seeking Alpha has posted a transcript of the Netflix Q1 2007 earnings webcast. It's an interesting read, but you can also listen to a recording of the call (http://ir.netflix.com).
Reed Hastings on the Watch Now service:
Turning to the terrific progress we’ve made in Q1 on our online video efforts, we had thought it would take us six months to get online video fully rolled out to our nearly 7 million members, but we completed the roll out in less than three months. Since launch approximately 90 days ago, we have increased the number of TV shows and movies from 1,000 to over 2,000 and we think we can be at 5,000 by year end.
The response to our offering has been very positive, with the New York Times calling it “deliciously immediate”, “incredibly economical” and because it introduces movie surfing, “impressively convention-shattering”. The consumer response has been even more positive, and just during our roll out phase, we have delivered over 1 million movie and TV show streams to our members.
Of course, the big opportunity for Netflix online video arrives when we can deliver content to the television without requiring a laptop or a media center PC as an intermediary device. We are working hard with various partners to make this a reality in 2008.