Netflix tells shareholders its rivals are so far behind and bleeding money just to stay in the streaming game
From there, Netflix goes on to spend a considerable amount of time in its newest shareholder letter not only telling its own story , but also explaining that its rivals are considerably farther behind Netflix in the streaming game. Indeed, Netflix’s letter continues at one point , the “streaming business is hard. We estimate, with combined 2022 operating losses well over $10 billion, vs. Netflix’s $5 to $6 billion annual operating profit.
Before we dive into a pair of additional important takeaways from Netflix’s earnings report Tuesday, here’s a quick summary of the quarter’s additional highlights:And the subscriber add was a really impressive surprise Evan Peters as Jeffrey Dahmer in episode 102 of “Dahmer. Monster: The Jeffrey Dahmer Story” on Netflix. Image source: NetflixThe binge model isn’t going anywhere
. For one, the streamer seems to have ever so gently stuck a knife in that lamentable rumor cycle from a few weeks ago that breathlessly foretold the company is transitioning away from the binge-it-all-at-once release model . “We think our bingeable release model helps drive substantial engagement, especially for newer titles,” the shareholder letter explains.
“This enables viewers to lose themselves in stories they love. It’s hard to imagine, for example, how a Korean title likewould have become a mega hit globally without the momentum that came from people being able to binge it.”.
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