Netflix shows steady growth amid writers and actors strikes – Gist It

Netflix shows steady growth amid writers and actors strikes

Netflix has reported steady financial growth for Q2 amidst Hollywood labor disputes and a slowdown in the media market.

Financial Rundown: Netflix’s share price is now double its value from a year ago, adding 5.9 million customers in Q2.
* Netflix has 238.4 million global paid memberships and its revenue reached $8.2 billion.
* The company expects revenue growth to accelerate in the second half of ’23 due to paid sharing initiatives and steady growth in its ad-supported plan.

Subscription Changes: Following a crackdown on password sharing, Netflix is offering plans for account holders to add members outside their households for $7.99 per month.
* Preceding the earnings announcement, Netflix ended its cheapest ad-free plan at $9.99 a month, which is no longer available to new or rejoining members.
* Netflix’s ad-supported plan currently has nearly 5 million global monthly active users.

Analyst Reactions: Wall Street has shown mixed responses to the company’s recent moves.
* Analyst Andrew Uerkwitz notes Netflix’s continual tweaks to return to yearly growth rates of 15 to 20%.
* Rick Munarriz from The Motley Fool believes Netflix is the major industry influencer, but questions its ability to generate considerable revenue, despite growing subscriber counts.

Labor Disputes: The ongoing writers and actors strikes are impacting Netflix’s content investment.
* Netflix’s co-CEO Ted Sarandos said they are in constant negotiation with industry professionals, expressing the need to resolve the strikes.
* Streamer’s profitability amid strike action has faced criticism from affected Hollywood actors and writers, blaming platforms like Netflix for industry changes leading to worse wages and working conditions.

View original article on NPR

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