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According to Netflix CEO Reed Hastings, its subscribers watched more than one billion hours of programming in June. One billion hours of Netflix programming averages out to about 80 minutes per subscriber per day. Though numbers for cable networks have not been reported for last month, it’s likely that Netflix has them all beat. This marks the first time that the streaming service has performed better than traditional cable networks since it first allowed users to “watch now” in 2007. This is very good news for Netflix. In the past couple of years it has put a big push behind its instant watch service. It’s tried to brand itself as a place not just to watch your old favorites but as a place for new content too, with one original series available now and several more to come in 2013, including a series by David Fincher and new episodes of the cult favorite Arrested Development.