Netflix acknowledged the punishing landscape that is streaming today but — even as some now question the entire model — insisted it’s a good business if you’ve got “strong execution and focus” and it does. “Consumers have so many amazing entertainment choices,” it said, calling out its largest rivals Disney, Comcast, Paramount Global and Warner Brothers Discovery — “with their large content libraries and creative expertise — [who] are now focused on profit so they can build sustainable, long term streaming businesses.” Big tech rivals Apple, Amazon and YouTube — “with their broad reach and deep pockets — continue to invest heavily to grow their streaming revenues,” read its letter to shareholders alongside quarterly earnings. “Combined with Apple’s video initiatives, there’s quite a competitive battle happening,” it said. “But while streaming is intensely competitive, we’ve shown that with strong execution and focus, it can be a great business.
Long term success takes strength in both entertainment and technology, a combination that’s not been required of large media or tech companies in the past.” Netflix is the first and biggest streamer so has had significant first-mover advantage.
It’s much less levered than other big media competitors and has a fountain of free cash flow — a metric prized by Wall Street and one that’s been dwindling at its rivals.
Netflix said anticipates an estimated $5 billion of free cash flow this year. Things admittedly got dicey coming out of Covid and the streamer posted its first subscribers loss in years in the spring of 2022.
Read more on deadline.com
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