Netflix has found itself with cash to spend thanks to the writers and actors strike. The company said that it would spend less on content that it “originally anticipated” this year as a result of the WGA and SAG-AFTRA walkouts as well as “timing of production starts”.
As a result, it anticipates at least $5B in free cash flow for 2023, well up from its previous estimate of $3.5B. This comes after it generated $1.3B in its second quarter, compared with a breakeven a year ago.
While the streamer admitted this may “create some lumpiness” on free cash flow from 2023 to 2024, it added that it plans to “deliver substantial positive” free cash flow in 2024.
This comes as it added 5.9 million global subscribers, reaching 238.3 million, with password sharing pushing subscribers to the months-old $7-a-month plan with advertising.
Read more on deadline.com
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