Netflix passes HBO in subscriber revenue

Emmy nominations aren't the only place where Netflix is beginning to eat HBO's lunch.

The streaming video service just edged past HBO on the subscription revenue front last quarter, earning $1.146 billion to the cable network's $1.141 billion.

Netflix CEO Reed Hastings posted the news to Facebook, noting that his company is still behind when it comes to profits and Emmys, but "we're honored to be in the same league." He added, "Yes, I loved Silicon Valley (Mike Judge's sitcom about tech start-ups) and yes, it hits a little close to home."

Netflix NFLX shares rallied 4.5%, one of the better performers on a down day for the market.

Founded in 1997 as a online DVD rental service, Netflix began streaming movies and TV series online in 2007, entering the original content business in 2011 with House of Cards. The show brought Netflix its first Emmy nominations the following year. Both Cards and prison dramedy Orange is the New Black are up for series Emmys on Aug. 25.