A report that Netflix Inc. is planning to raise prices as soon as the current actors strike is over may prove untimely, given the weakness of equity markets and apparent deceleration of the global economy, Benchmark said Wednesday as it reiterated its sell rating on the stock.
“This actually provides a positive cross read for competing services like Peacock and Max emphasizing AVOD and featuring high CPM live sports, as a Netflix executive indicated in May that its ad tier had nearly 5M monthly active users—moderate to other services,” said analyst Matthew Harrigan. Other streaming services are also raising prices, including Discovery+ WBD, -1.52% going to $8.99 from $6.99 for ad-free service and keeping AVOD at $4.99 a month. Disney DIS, -2.61% is also planning to hike prices for Disney+, Hulu and ESPN as announced last summer.
” We have not yet made any estimate revisions for the WGA strike resolution as there are moderate concessions to the union but no outright streaming residuals with bonuses only for the most successful shows,” he wrote.
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