Netflix’s
second-quarter earnings report contained no bombshells, and that’s just fine for the company and its investors.
In recent weeks, Paramount Global
has agreed to merge with Skydance Media. Warner Bros. Discovery
is considering all options for its future and may lose broadcast rights to the NBA.
While the media and entertainment landscape around Netflix is in a state of change, the world’s largest streamer is fine with the status quo.
“If we execute well — better stories, easier discovery and more fandom — while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,” Netflix said in its quarterly shareholder letter. “Because when we delight people with our entertainment, Netflix can drive higher engagement, revenue and profit than the competition. This in turn creates a more loved and valued entertainment company — for our members, creators and shareholders — that we can strengthen and grow over time.”
Netflix classified the streaming, pay TV, film, gaming and branded advertising market as a $600 billion industry in terms of total annual sales, noting the company accounts for about 6% of that revenue.
The streamer added more than 8 million subscribers in the quarter. It now has more than 277 million global customers, making it by far the largest subscription streaming service in the world. Netflix’s market valuation as of Thursday’s market close is $277 billion.
« A third of Hurricane Beryl deaths in Texas were caused by heat. Victims’ relatives say they should still be alive.Ocado Partner Kroger Orders New Automated Technologies »
