Netflix’s co-CEOs exhibited their usual cool confidence on Tuesday during a 41-minute video interview to discuss the company’s second-quarter earnings results. The numbers showed that. Its short-term global growth projections are slowing some amid the turbulence caused by the pandemic. But that is no cause for alarm in Los Gatos, executives reassured.
Lest that be interpreted by Wall Street or rivals or media reporters, Hastings articulated his vision for adding new layers to Netflix’s global business. The company has been expanding in consumer products, an e-commerce site and now gaming, but none of those are designed to be profit centers on their own. It’s all about supporting the core mission attracting and retaining subscribers to the core subscription product.
Sarandos added: “It’s got to be right in the middle of the strategic core of what we’re doing.” Moreover, Netflix knows what it does well and what it doesn’t do at all. That’s one of the factors that has kept them from going too deep into the sports rights business. Hastings pointed to Disney’s 2019 acquisition of 21st Century Fox as a ground-shifting event that allowed Disney to be more competitive as a general entertainment player in streaming beyond its kids and family stronghold. But the surprise mega-merger of AT&T’s WarnerMedia and Discovery? Not so much, in Hastings’ view.
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Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »