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Streaming giant Netflix added 1.1 million (11 lakh) paid subscribes in the Asia-Pacific region in the second quarter (Q2) this year. The Average Revenue per Membership (ARM) was -2 per cent due to the impact from “our price decrease in India last December as well as plan mix,” Netflix told shareholders after declaring Q2 results.
Netflix in December announced new and reduced prices in India, with the mobile-only plan starting at Rs 149 per month. So we have seen a nice uptick in engagement in India. We are definitely taking it in the right direction,” Netflix co-CEO Ted Sarandos had said.
In APAC in Q2, Netflix’s revenue grew 23 per cent year over year. “At over $900 million of revenue, APAC is approaching the size of our LATAM business. We added 1.1 million paid memberships in the region " the company informed. - newstodaynet
Just a week ago, Netflix announced a new partnership with Microsoft to provide more affordable ad-supported tiers to its viewers, but it now turns out that the cheaper subscription tier won’t actually give you access to the streaming platform’s entire library.
According to a new report from Deadline, Netflix‘s co-CEO and chief content officer Ted Sarandos confirmed that while Netflix Originals will all be available, third-party films and shows may not be available for those in the ad-supported tier due to licensing issues.
“Today, the vast majority of what people watch on Netflix, we can include in the ad-supported tier,” Sarandos first reassured before going into the less pleasant news.“There’s some things that don’t and we’re in conversations with the studios on, but if we launched the product today, members in the ad-tier would have a great experience.
We will clear some additional content but certainly not all of it but don’t think it’s a material holdback for the business.”The revelation comes after a rough quarter for Netflix, which lost almost one million subscribers. In other related news, the streaming giant’s CEO says linear TV will be dead in the “next five to 10 years.” - hypebeast
Shares of Netflix (NFLX) jumped 7% in extended trading after the streaming giant reported it lost fewer subscribers than expected. Netflix lost about 970,000 subscribers during the second quarter, far fewer than the 2 million it had projected it would lose.
It also said it expects to gain around 1 million new subscribers in the third quarter. Revenue came in lower than expected, growing 8.6% to about $8 billion. Net profit at Netflix was $1.4 billion, up 6.5% from a year earlier.
The company also warned of the strengthening U.S. dollar’s impact on its international revenue, which makes up about 60% of its total revenue. Netflix said it aims to unveil its lower-cost, ad-supported tier in early 2023.
That comes on the heels of news that Netflix was tapping Microsoft to be its partner on the ad-supported initiative. The service will “likely start in a handful of markets” where advertising spending is significant.
Netflix shares are down over 66% so far this year. Other streaming stocks like Disney (DIS), Warner Brothers Discovery (WBD), and Paramount Global (PARA) all rose following Netflix’s results. - investopedia
It's the biggest drop ever, but Netflix had expected it to be even worse. Netflix lost fewer subscribers than feared in its latest quarter, reporting a significant decrease in members overall but only after warning it would suffer a more dramatic drop.
Earlier this year, Netflix reported its first decline in membership in more than a decade a dip that was supposed to presage an even deeper plunge in subscriptions now.But Netflix, still the world's dominant streaming-video subscription service, said subscribers fell by 970,000 to 220.67 million total in April through June, according to its second-quarter report Tuesday.
That still the deepest plunge in membership the company has ever reported, but it beats Netflix's April guidance that it would lose 2 million members worldwide.It's "tough, in some ways, losing 1 million and calling it success,"Netflix co-CEO Reed Hastings said late Tuesday in a recorded discussion of the results. "But really, we're set up very well for the next year."
Still, Netflix's outlook for the third quarter fell short of analysts' expectations, with Netflix predicting it would gain 1 million members versus the consensus estimate for a 1.8 million subscriber increase.Investors welcomed the news all the same, after Netflix's share price has taken a beating this year. In premarket trading Wednesday, Netflix shares were up 4% to $209.72.
But the stock has lost two-thirds of its value so far this year, as Netflix's suddenly shrinking membership has undermined its status as a Wall Street darling, just as it has buffeted Hollywood's confidence in streaming as the engine for television's future.
Years of Netflix's unflagging subscriber growth pushed nearly all of Hollywood's major media companies to pour billions of dollars into their own streaming operations.Now, feeling the heat of intensifying competition to hold onto your attention and your subscription account, Netflix is pursuing strategies it had dismissed for years.
For one, Netflix is testing password-sharing fees, aiming to get more than 100 million households that are already watching Netflix but not paying for it directly.For now, these experiments are confined to Latin America, but Netflix said Tuesday it's planning to roll out a fee structure for account sharing in 2023.Right now it's testing two schemes. In its first, Netflix charges a fee to add additional memberships as official "sub" accounts.
As new competitors launched, they set up memberships that give viewers like you more options. Now most of Netflix's rivals have a multitier model, typically offering cheaper memberships with ads, as well as more expensive subscriptions that are ad-free. - CNET
Netflix surprised markets on Tuesday with news less bad than what investors had feared. The streaming giant said it lost nearly 1 million subscribers in the second quarter far short of the 2 million it earlier warned it could incur.
Netflix as well as other streaming stocks have plummeted this year — in line with the massive sell-off in tech stocks. But have these media stocks bottomed? It’s been a mixed bag: Some analysts have in recent days been more optimistic, while others have cut targets on Netflix.
While the loss of subscribers was smaller than expected, Beth Kindig, lead tech analyst at I/O Fund, said the “bigger news is that [Netflix is] planning to return to growth,” given that the stock is at “rock bottom.” The company, which currently has 220.67 million subscribers, said it expects net additional subscribers to reach 1 million in the third quarter.
That plan “is absolutely paramount right now because the valuation is so low, it’s at a historic 10-year low both top line and bottom line. So any return to growth and that low valuation comes into the picture where we might start to see buyers,” she told “Squawk Box Asia” on Wednesday — after the earnings report.
Netflix shares have plunged over 60% year-to-date. Other plans it has to reinvigorate growth include launching an advertising-supported product in 2023, and cracking down on password-sharing.“The streaming sector has faced tough comps following Covid and we believe the market is confusing a slowdown for something more inherent rather than a transient headwind that Covid created,” Kindig told CNBC.
Comps refers to comparable company analysis, a way of determining the value of companies by measuring them against their peers. “These comps clear in H2 2022 and beyond, so we expect a return to growth for streaming stocks and we believe the current valuations are an overreaction to the downside,” she said.
Investment firm Guggenheim said in a July 18 note that Netflix earnings have “wide-ranging implications” for not just the stock, but also the valuations of its streaming peers.Netflix’s membership trends for the second and third quarters will be “the most critical” component for value, said the firm, which put out a buy call on Netflix and a $265 price target from its last close of $216.44. Its target reflects its view of Netflix’s additional economic value from the launch of its new advertising-supported product and global growth, it said.Citi, in a note after the earnings announcement, also reiterated its buy call on Netflix, and has a price target of $275.
Still, not everyone is bullish. Credit Suisse analyst Douglas Mitchelson told clients on Monday before the earnings were out that Netflix’s long-term outlook is uncertain. “Its minimal generation hinders taking a value stance on the shares, while a substantial rebound in subscriber growth in future quarters will require some combination of faster marketplace growth, viral content success, and lack of competitive impact each of which is uncertain at this point,” he said. - CNBC
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