{"id":38020,"date":"2023-07-20T03:32:26","date_gmt":"2023-07-20T07:32:26","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/netflix-seems-immune-so-far-from-hollywoods-shutdown\/"},"modified":"2023-07-20T03:32:27","modified_gmt":"2023-07-20T07:32:27","slug":"netflix-seems-immune-so-far-from-hollywoods-shutdown","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38020","title":{"rendered":"Netflix seems immune (so far) from Hollywood\u2019s shutdown"},"content":{"rendered":"
\n

Strikes in Hollywood that have shut down the entertainment industry just might provide an opening for Netflix Inc.<\/p>\n

A robust backlog of content through at least early 2024 and enduring popularity in international markets have shielded the streaming giant
\n NFLX,
\n +0.59%<\/bg-quote>
\n from obstacles sure to bewitch its rivals Walt Disney Co.
\n DIS,
\n +1.27%<\/bg-quote>,<\/span>
\n Warner Bros. Discovery Inc.
\n WBD,
\n +3.99%<\/bg-quote>
\n and Comcast Corp.
\n CMCSA,
\n +0.64%<\/bg-quote>,<\/span>
\n analysts contend.<\/p>\n

\n

Their point was underscored Wednesday by Netflix\u2019s fiscal second-quarter results that highlighted strong profits aided by lower content spending.<\/p>\n

Read more: <\/strong>Netflix earnings bring big subscriber windfall, but stock gets dinged on light revenue forecast<\/p>\n

The entertainment strikes are \u201cnot an outcome that we wanted,\u201d Netflix Co-Chief Executive Ted Sarandos said during a video conference late Wednesday discussing the quarterly results. \u201cWe are constantly negotiating with writers, producers, studios\u2026 We are super committed to an equitable resolution.\u201d<\/p>\n

Sarandos declined to comment on how long Netflix\u2019s trove of movies, TV series and unscripted content will last. <\/p>\n

But analysts said Netflix\u2019s bottom line benefited greatly from the strike on several fronts.<\/p>\n

\u201cToday\u2019s results show that lower content spend and higher ad revenue is the name of the game for streaming companies to turn a profit. In the short term at least, the Hollywood strikes are indirectly helping companies crack the code of profitability,\u201d Scott Purdy, KPMG\u2019s U.S. national media leader, said in an email message. \u201cLong-term though, the strikes could create a scenario of massive churn and lower ad revenue for streaming companies.\u201d<\/p>\n

In a letter to shareholders Wednesday, Netflix executives said they expect at least $5 billion in free cash flow for 2023, up from a previous estimate of at least $3.5 billion. \u201cOur updated expectation reflects lower cash content spend in 2023 than we originally anticipated due to timing of production starts and the ongoing WGA and SAG-AFTRA strikes,\u201d they wrote.<\/p>\n

Netflix Chief Financial Officer Spencer Neumann said the company would remain flat in content spending from 2022 through 2024.<\/p>\n

Netflix\u2019s position as a streaming leader has made it an avatar of anxiety for Hollywood writers, many of whom have dubbed this year\u2019s labor action \u2018the Netflix strike.’\u201d<\/p>\n

Also see:<\/strong> Striking actors, writers, hotel housekeepers and grad-student workers have one thing in common<\/p>\n

\u201cNetflix in a lot of ways has upended the business model, and broken it in fundamental ways,\u201d Jaclyn Moore, an executive producer and writer for \u201cQueer as Folk\u201d on Peacock and \u201cDear White People\u201d on Netflix, told the Los Angeles Times in May from the picket line near Netflix\u2019s Los Angeles offices. She and others point to how many writers have been harmed by changes wrought by Netflix and other streaming services in how shows are created and how writers are compensated. <\/p>\n

Picketing was planned outside Netflix\u2019s Silicon Valley headquarters in Los Gatos, Calif., on Thursday afternoon by those in support of striking SAG-AFTRA workers.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Strikes in Hollywood that have shut down the entertainment industry just might provide an opening for Netflix Inc. A robust backlog of content through at least early 2024 and enduring popularity in international markets have shielded the streaming giant NFLX, +0.59% from obstacles sure to bewitch its rivals Walt Disney Co. DIS, +1.27%, Warner Bros. […]<\/p>\n","protected":false},"author":1,"featured_media":38021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-38020","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nNetflix seems immune (so far) from Hollywood\u2019s shutdown | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Strikes in Hollywood that have shut down the entertainment industry just might provide an opening for Netflix Inc. 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