Netflix (NFLX)

Item 1A.    Risk Factors

There have been no material changes from risk factors as previously disclosed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008.

Item 1A. Risk Factors

There have been no material changes from risk factors as previously disclosed under the heading “Risk Factors” in the Company’s Annual Report Form on 10-K for the year ended December 31, 2005 and the Quarterly Report Form 10Q for the quarter ended June 30, 2006.

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Table of Contents

Item 1A. Risk Factors

There have been no material changes from risk factors as previously disclosed under the heading “Risk Factors” in the Company’s Annual Report Form 10-K for the year ended December 31, 2005 and the Quarterly Report Form 10Q for the quarter ended March 31, 2006.

Item 1A. Risk Factors

There have been no material changes from risk factors as previously disclosed under the heading “Risk Factors” in the Company’s Annual Report Form 10-K for the year ended December 31, 2005 except for the addition of the following:

We are subject to rules, regulations and practices governing our accepted payment methods, which are predominately credit cards and debit cards and, to a lesser extent, electronic checks. These rules, regulations and practices could change or be reinterpreted to make it difficult or impossible for us to comply. If we fail to comply with these rules or requirements, we may be subject to fines and higher transaction fees and lose our ability to accept these payment methods, and our business and results of operations would be adversely affected.