Update 11/4: Netflix will officially launch on Comcast's X1 platform next week, the companies announced today.

"The Netflix integration into the X1 platform means our mutual customers will no longer need to change inputs or juggle remotes," Netflix Co-Founder and Chief Executive Officer Reed Hastings said in a statement. "Now they can seamlessly move between the Netflix app and their cable service, enjoying all the TV shows and movies they love without hassle."

X1 customers will be able to launch the app by simply saying "Netflix" into their X1 voice remote. They can also browse Netflix content alongside other On Demand movies and shows, as well as search for a specific actor and see everything they're in across Xfinity and Netflix. If you're behind on The Walking Dead or Scandal, you can now start from the beginning and watch old seasons on Netflix, then catch current episodes on Xfinity.

If you already have an account you'll need to sign in the first time you access Netflix on X1. If not, you'll be able to sign up for a new Netflix membership right from your TV and have the service added to your Comcast bill.

Original Story 7/5:
Perhaps last week's revelation that just as many households now stream online video as use a DVR to watch movies and TV shows resonated with Comcast. Or maybe the groundwork was laid more than two years ago, when the company struck a deal to improve Netflix streaming speeds.

Whatever prompted the cable giant to recognize that cable is no longer king, a report today suggesting that Comcast will offer the Netflix app on its Xfinity X1 entertainment platform further solidifies streaming video's place in the living room.

"Comcast and Netflix have reached an agreement to incorporate Netflix into X1, providing seamless access to the great content offered by both companies," according to a statement obtained by Recode. "We have much work to do before the service will be available to consumers later this year. We'll provide more details at that time."

Comcast's X1 cloud DVR service already has some of the same apps available on more popular platforms like Roku and Apple TV. But adding Netflix, by far the largest video streaming provider in the US, is an important step for both companies. Comcast can now offer its customers access to Netflix's vast library from within its own software ecosystem, while Netflix gets an assurance that Comcast likely won't back down on its commitment to improve streaming speeds.

The deal is important for consumers, too, though it will be more of a game changer for Netflix subscribers whose only route for channeling streaming video to their living room TV is via a Comcast box. We suspect the number of those subscribers to be relatively low, especially since Netflix is already available on set-top boxes like Apple TV and Roku or dongles like Google Chromecast and Amazon's Fire TV Stick.

Still, Wall Street appears to agree that the deal is significant; Business Insider reports that Netflix's stock was up 3 percent after the deal was reported.