Streaming video has reached a huge milestone. Along with its first-quarter earnings report, Netflix (NASDAQ:NFLX) announced it had 29.17 million U.S. subscribers at the end of the quarter, more than cable-TV giant HBO. The company also saw its earnings spike 18% over the past few months, and its stock has taken a sizable jump after the news.

So how did Netflix overtake Time Warner's (NYSE:TWX.DL) HBO, when just two years ago the company had enraged its subscribers over spiking prices and the Qwikster debacle? Fool contributor Caroline Bennett takes a closer look at Netflix's latest earnings report, and analyzes whether the company's success is because of its push for original programming, or something else.