Despite Dan Lin stepping in as the new head of film for Netflix, CFO Spencer Neumann says he does not expect the company to take its film vertical in another direction.
At the Morgan Stanley Tech, Media & Telecom Conference on Monday, Neumann spoke about Lin, the producer behind the Lego movies and the new live-action adaptation of Avatar: The Last Airbender, taking over from Scott Stuber, who announced in January he would step down in March.
“It’s not a change in strategy, per se,” Neumann said. “We’re just continuing to kind of evolve and get better, and Dan brings this amazing experience from everything from Lego movies to Sherlock Holmes movies to horror films. He’s got production experience in big companies.”
“I think he’s just going to bring another perspective. And this business is so much about working with the best creatives you know, the best people internally and externally,...
At the Morgan Stanley Tech, Media & Telecom Conference on Monday, Neumann spoke about Lin, the producer behind the Lego movies and the new live-action adaptation of Avatar: The Last Airbender, taking over from Scott Stuber, who announced in January he would step down in March.
“It’s not a change in strategy, per se,” Neumann said. “We’re just continuing to kind of evolve and get better, and Dan brings this amazing experience from everything from Lego movies to Sherlock Holmes movies to horror films. He’s got production experience in big companies.”
“I think he’s just going to bring another perspective. And this business is so much about working with the best creatives you know, the best people internally and externally,...
- 3/4/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Netflix CFO Spencer Neumann gave Scott Stuber a shoutout when discussing the state of the streaming giant’s film operation, saying the exec deserves “a lot of credit” for “what he built.”
In an appearance Monday at the Morgan Stanley Tech, Media & Telecom Conference, Neumann was asked about the state of the company’s film efforts in light of the executive turnover. Stuber is leaving this month after nearly seven years to start his own media company. Dan Lin, a producer and exec known for his involvement with hits like The Lego Movie and the It franchise, is coming aboard in a top film role, reporting to Chief Content Officer Bela Bajaria.
Execs are “feeling really good about the film business,” Neumann said, though he noted that “it’s very difficult to ascribe a specific Roi on a specific genre or title of content in our subscription bundle.”
Film has...
In an appearance Monday at the Morgan Stanley Tech, Media & Telecom Conference, Neumann was asked about the state of the company’s film efforts in light of the executive turnover. Stuber is leaving this month after nearly seven years to start his own media company. Dan Lin, a producer and exec known for his involvement with hits like The Lego Movie and the It franchise, is coming aboard in a top film role, reporting to Chief Content Officer Bela Bajaria.
Execs are “feeling really good about the film business,” Neumann said, though he noted that “it’s very difficult to ascribe a specific Roi on a specific genre or title of content in our subscription bundle.”
Film has...
- 3/4/2024
- by Dade Hayes
- Deadline Film + TV
A new survey from Bango has revealed that audiences value the option to switch away from ad-supported streaming plans highly.
The introduction of ad-supported streaming plans has empowered customers to make choices about their budgets for themselves. They can opt for cheaper plans with ads, or upgrade to ad-free tiers for a few dollars more per month, and a new survey from Bango is revealing that viewers highly value the power of choice offered to them by platforms like Prime Video, Disney+, and Netflix.
Bango’s survey reveals that 36% of American customers have upgraded to an ad-free plan after ad tiers are introduced. Another 31% of customers say they have canceled a streamer due to the introduction of ads, while 35% have become paid subscribers to streaming services they were formerly accessing via a shared password. Cable providers are not viewed as preferred streaming aggregators, leaving more opportunity for platforms like Verizon’s +play.
The introduction of ad-supported streaming plans has empowered customers to make choices about their budgets for themselves. They can opt for cheaper plans with ads, or upgrade to ad-free tiers for a few dollars more per month, and a new survey from Bango is revealing that viewers highly value the power of choice offered to them by platforms like Prime Video, Disney+, and Netflix.
Bango’s survey reveals that 36% of American customers have upgraded to an ad-free plan after ad tiers are introduced. Another 31% of customers say they have canceled a streamer due to the introduction of ads, while 35% have become paid subscribers to streaming services they were formerly accessing via a shared password. Cable providers are not viewed as preferred streaming aggregators, leaving more opportunity for platforms like Verizon’s +play.
- 2/20/2024
- by David Satin
- The Streamable
Customers may not like Prime Video’s methodology when launching its ad-supported plan, but it will likely lead to a tidy profit for Amazon.
Leave it to Amazon to zig when all of its competitors are zagging. The e-commerce behemoth made a significant change to its streaming service Prime Video by launching an ad-supported plan on Jan. 29, but instead of creating a new, cheaper ad-supported plan, Prime Video simply moved its existing ad-free customers to the ad-supported tier and created a new higher-priced option for those who wanted to remain ad-free.
Amazon will collect more revenue from ad-supported customers, as well as those who go ad-free thanks to its method of launching an ad plan. Using this approach allows Prime Video to skip a slow build-up for its ad plan, which hampered streamers like Netflix. Streamers that introduced an ad-supported tier in the past year have seen their average revenue...
Leave it to Amazon to zig when all of its competitors are zagging. The e-commerce behemoth made a significant change to its streaming service Prime Video by launching an ad-supported plan on Jan. 29, but instead of creating a new, cheaper ad-supported plan, Prime Video simply moved its existing ad-free customers to the ad-supported tier and created a new higher-priced option for those who wanted to remain ad-free.
Amazon will collect more revenue from ad-supported customers, as well as those who go ad-free thanks to its method of launching an ad plan. Using this approach allows Prime Video to skip a slow build-up for its ad plan, which hampered streamers like Netflix. Streamers that introduced an ad-supported tier in the past year have seen their average revenue...
- 1/30/2024
- by David Satin
- The Streamable
Netflix has won the first round of a case over allegations it downplayed the impact of account-sharing on subscriber growth, with a federal judge’s dismissal of the shareholder lawsuit.
U.S. District Judge Jon Tigar, in an order issued on Jan. 5, found that investors failed to point to specific statements from Netflix executives demonstrating that they lied about the extent to which account-sharing was hindering growth. The judge rejected allegations that the company knew more than it let on.
The suit revolves around Netflix, for the first time in a decade in 2022, disclosing subscriber losses. It attributed the shedding of roughly 200,000 users to a sluggish economy, increasingly stiff competition from other streaming platforms and the war in Ukraine (though it said in a shareholder letter that it would’ve gained 500,000 users if it hadn’t suspended service in Russia). Netflix’s stock tumbled 35 percent on the news, which came...
U.S. District Judge Jon Tigar, in an order issued on Jan. 5, found that investors failed to point to specific statements from Netflix executives demonstrating that they lied about the extent to which account-sharing was hindering growth. The judge rejected allegations that the company knew more than it let on.
The suit revolves around Netflix, for the first time in a decade in 2022, disclosing subscriber losses. It attributed the shedding of roughly 200,000 users to a sluggish economy, increasingly stiff competition from other streaming platforms and the war in Ukraine (though it said in a shareholder letter that it would’ve gained 500,000 users if it hadn’t suspended service in Russia). Netflix’s stock tumbled 35 percent on the news, which came...
- 1/8/2024
- by Winston Cho
- The Hollywood Reporter - Movie News
Netflix is overhauling the way it pays its top executives after shareholders rejected its CEO pay earlier this year … but co-CEOs Ted Sarandos and Greg Peters are still in line for big paydays next yar.
The company said Friday that it had approved target compensation packages worth $40 million for Sarandos and Peters for 2024.
However, the way it calculates their final compensation is being changed after shareholders indicated that they were not happy with the current compensation plan over the summer.
“Historically, Executive Officers have been permitted to allocate compensation to cash salary and stock options,” the company wrote in an SEC filing. “The Committee determined to eliminate this program feature to address shareholder concerns that executives could choose all cash compensation.”
Indeed, in past years Sarandos has taken a cash salary of $20 million, with the reminder of his pay in stock.
Moving forward, the salaries for Sarandos and Peters will be $3 million,...
The company said Friday that it had approved target compensation packages worth $40 million for Sarandos and Peters for 2024.
However, the way it calculates their final compensation is being changed after shareholders indicated that they were not happy with the current compensation plan over the summer.
“Historically, Executive Officers have been permitted to allocate compensation to cash salary and stock options,” the company wrote in an SEC filing. “The Committee determined to eliminate this program feature to address shareholder concerns that executives could choose all cash compensation.”
Indeed, in past years Sarandos has taken a cash salary of $20 million, with the reminder of his pay in stock.
Moving forward, the salaries for Sarandos and Peters will be $3 million,...
- 12/8/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Netflix said today it plans to award its co-chief operating officers identical compensation packages for 2024 worth $40 million each.
Ted Sarandos and Greg Peters will receive a $3 million base salary; a target bonus of $6 million; a Rsu award with a total value of $15.5 million and a Psu award also valued at $15 million. The RSUs are time-based restricted stock units. PSUs are performance-based restricted stock units. Netflix calls the packages total target compensation.
The numbers in an SEC filing reflect changes in the way Netflix pays its top executives. For one, the board no longer allows execs to chose whether they prefer to be paid in cash or stock. “Historically, Executive Officers have been permitted to allocate compensation to cash salary and stock options. The Committee determined to eliminate this program feature to address shareholder concerns that executives could choose all cash compensation,” the compensation committee said.
Sarandos had opted to take...
Ted Sarandos and Greg Peters will receive a $3 million base salary; a target bonus of $6 million; a Rsu award with a total value of $15.5 million and a Psu award also valued at $15 million. The RSUs are time-based restricted stock units. PSUs are performance-based restricted stock units. Netflix calls the packages total target compensation.
The numbers in an SEC filing reflect changes in the way Netflix pays its top executives. For one, the board no longer allows execs to chose whether they prefer to be paid in cash or stock. “Historically, Executive Officers have been permitted to allocate compensation to cash salary and stock options. The Committee determined to eliminate this program feature to address shareholder concerns that executives could choose all cash compensation,” the compensation committee said.
Sarandos had opted to take...
- 12/8/2023
- by Jill Goldsmith
- Deadline Film + TV
Netflix’s board has approved 2024 pay packages of its top execs, with co-CEOs Ted Sarandos and Greg Peters each receiving target compensation worth $40 million.
For Sarandos, $40 million is the same level of pay he is targeted to receive in 2023, while Peters is getting a 5% step-up from the $34.65 million in target compensation for this year. Peters, formerly chief product officer and COO, was named co-ceo alongside Sarandos in January of 2023. Their total target compensation is dependent on company performance and are not guaranteed figures.
Reed Hastings, who stepped aside as CEO earlier this year, remains executive chairman. His compensation package for 2024 is pegged at a target of $1 million, down from $3 million in 2023. Before he exited as CEO, Hastings’ pay target had been $34.7 million this year, mostly in stock.
Netflix disclosed the target pay packages for top execs in an SEC filing Friday. The company said the board’s compensation committee...
For Sarandos, $40 million is the same level of pay he is targeted to receive in 2023, while Peters is getting a 5% step-up from the $34.65 million in target compensation for this year. Peters, formerly chief product officer and COO, was named co-ceo alongside Sarandos in January of 2023. Their total target compensation is dependent on company performance and are not guaranteed figures.
Reed Hastings, who stepped aside as CEO earlier this year, remains executive chairman. His compensation package for 2024 is pegged at a target of $1 million, down from $3 million in 2023. Before he exited as CEO, Hastings’ pay target had been $34.7 million this year, mostly in stock.
Netflix disclosed the target pay packages for top execs in an SEC filing Friday. The company said the board’s compensation committee...
- 12/8/2023
- by Todd Spangler
- Variety Film + TV
One week after contract talks between SAG-AFTRA and the Alliance of Motion Picture and Television Producers broke down, Netflix leadership gave an update to Wall Street on the status of the talks to resolve a strike that is nearing 100 days and brought most of Hollywood’s production to a halt.
“We want nothing more than to resolve this and get everyone back to work. That’s true for Netflix, that’s true for every member of the AMPTP. It’s why our member CEOs have prioritized these negotiations above everything else we’re doing,” said Netflix co-ceo Ted Sarandos on an Oct. 18 earnings call. “We spent hours and hours with SAG-AFTRA over the last few weeks and we were actually very optimistic that we were making progress. But then at the very end of our last session together, the guild presented this new demand that, kind of on top of everything,...
“We want nothing more than to resolve this and get everyone back to work. That’s true for Netflix, that’s true for every member of the AMPTP. It’s why our member CEOs have prioritized these negotiations above everything else we’re doing,” said Netflix co-ceo Ted Sarandos on an Oct. 18 earnings call. “We spent hours and hours with SAG-AFTRA over the last few weeks and we were actually very optimistic that we were making progress. But then at the very end of our last session together, the guild presented this new demand that, kind of on top of everything,...
- 10/18/2023
- by Erik Hayden
- The Hollywood Reporter - Movie News
Wall Street analysts lowered their growth forecasts for Netflix’s third-quarter earnings and slashed price targets for the streaming company’s stock as they await further clarity on the company’s growth strategy.
The changes for Netflix, which will report after the bell on Wednesday, come as analysts surveyed by Zacks Investment Research are expecting the company to report earnings of $3.47 per share on revenue of $8.54 billion for the quarter.
The streamer, which unlike its legacy media competitors is profitable, has shifted its focus to an ad-supported tier and a crackdown on password sharing for an estimated 100 million households globally as it looks to accelerate revenue growth, expand its margins and continue to grow positive free cash flow.
Netflix co-ceo Ted Sarandos acknowledged during Bloomberg’s Screentime conference on Thursday that the company’s ad tier is still in its infancy and “definitely not at the scale that we want it to be at yet.
The changes for Netflix, which will report after the bell on Wednesday, come as analysts surveyed by Zacks Investment Research are expecting the company to report earnings of $3.47 per share on revenue of $8.54 billion for the quarter.
The streamer, which unlike its legacy media competitors is profitable, has shifted its focus to an ad-supported tier and a crackdown on password sharing for an estimated 100 million households globally as it looks to accelerate revenue growth, expand its margins and continue to grow positive free cash flow.
Netflix co-ceo Ted Sarandos acknowledged during Bloomberg’s Screentime conference on Thursday that the company’s ad tier is still in its infancy and “definitely not at the scale that we want it to be at yet.
- 10/17/2023
- by Lucas Manfredi
- The Wrap
Netflix is expected to post strong subscriber gains when it reports its latest quarterly results on Oct. 18, but you couldn’t tell that from the stock’s performance since the global streamer’s July earnings update, when it added 5.9 million subscribers to total 238.4 million global paid memberships.
That is because shares in the streaming giant, run by Ted Sarandos and Greg Peters, have been losing ground since then as investors have been evaluating its earnings outlook amid cautious management comments about the growth of the firm’s nascent advertising tier and margins. “Building an ads business from scratch isn’t easy and we have lots of hard work ahead,” Netflix leadership said in a letter at the time.
Netflix executives also have signaled a possible increase in spending on licensed content. And any insight into the financial impact of the streamer’s password-sharing crackdown will also be closely watched. Indeed,...
That is because shares in the streaming giant, run by Ted Sarandos and Greg Peters, have been losing ground since then as investors have been evaluating its earnings outlook amid cautious management comments about the growth of the firm’s nascent advertising tier and margins. “Building an ads business from scratch isn’t easy and we have lots of hard work ahead,” Netflix leadership said in a letter at the time.
Netflix executives also have signaled a possible increase in spending on licensed content. And any insight into the financial impact of the streamer’s password-sharing crackdown will also be closely watched. Indeed,...
- 10/15/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
While Netflix’s ad-supported tier has surpassed 10 million monthly active users globally, the streamer’s co-ceo Ted Sarandos acknowledged Thursday that the offering is still in its infancy and “definitely not at the scale that we want it to be at yet.”
“We’re a year into it. Jeremi [Gorman], by the way, did a great job getting us to where we’re at today,” the executive told Bloomberg’s Screentime conference on Thursday. “What we have to do, by the way — not just us, all these platforms that have added an ad option — they’ve all got to do the same thing, which is you have to get that tier at scale and grow that at scale with fans and viewers.”
Last week, Netflix announced that Amy Reinhard would take over as president of the ad business, with Gorman set to exit. Following the announcement, the Information reported that the...
“We’re a year into it. Jeremi [Gorman], by the way, did a great job getting us to where we’re at today,” the executive told Bloomberg’s Screentime conference on Thursday. “What we have to do, by the way — not just us, all these platforms that have added an ad option — they’ve all got to do the same thing, which is you have to get that tier at scale and grow that at scale with fans and viewers.”
Last week, Netflix announced that Amy Reinhard would take over as president of the ad business, with Gorman set to exit. Following the announcement, the Information reported that the...
- 10/12/2023
- by Lucas Manfredi
- The Wrap
Death, taxes, and streaming services raising their prices. Those are about the only things that you can count on in today’s ever-changing world. Now, a report from the Wall Street Journal indicates that the world’s largest streaming service might be the next platform planning a price hike. WSJ’s Jessica Toonkel and Sarah Krouse are reporting that Netflix will be raising its prices in select markets — including the United States and Canada — in “a few months.”
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The report from Toonkel and Krouse didn’t indicate by how much Netflix is planning to increase subscription prices, or in what regions the change would take place. The company’s last reported subscriber total puts its customer base at 238.29 million. However, simply adding subscribers is no longer the end goal for the vast majority of streaming services. As the industry approaches maturation and economic conditions change around the world,...
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The report from Toonkel and Krouse didn’t indicate by how much Netflix is planning to increase subscription prices, or in what regions the change would take place. The company’s last reported subscriber total puts its customer base at 238.29 million. However, simply adding subscribers is no longer the end goal for the vast majority of streaming services. As the industry approaches maturation and economic conditions change around the world,...
- 10/3/2023
- by Matt Tamanini
- The Streamable
It’s been nearly four months since Netflix handed down its official guidelines for account sharing. The concept of rules against account sharing caused no end of consternation amongst users when they were first announced, but as it stands Netflix has not seen much in the way of churn because of those guidelines.
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Company CFO Spencer Neumann spoke about password-sharing rules at the 2023 Bank of America Media, Communications and Entertainment conference this week. He made the surprising revelation that while Netflix was converting plenty of account-sharers to their own paid subscriptions, the majority of those users were opting for an ad-free plan instead of Netflix’s Standard with Ads tier.
“The ad tier is a healthy mix in general across our plans, but it’s the minority because we have multiple plans,” Neumann explained. “It skews a little bit more towards ad-free in these spin-offs,...
Sign Up $6.99+ / month netflix.com
Company CFO Spencer Neumann spoke about password-sharing rules at the 2023 Bank of America Media, Communications and Entertainment conference this week. He made the surprising revelation that while Netflix was converting plenty of account-sharers to their own paid subscriptions, the majority of those users were opting for an ad-free plan instead of Netflix’s Standard with Ads tier.
“The ad tier is a healthy mix in general across our plans, but it’s the minority because we have multiple plans,” Neumann explained. “It skews a little bit more towards ad-free in these spin-offs,...
- 9/14/2023
- by David Satin
- The Streamable
Netflix’ chief financial officer said today that ongoing Hollywood strikes are bad for the business, and the company is focused on getting back to work.
“I think really kind of cutting through it, the main thing…is there’s a lot of folks out of work and the business isn’t moving forward,” chief financial officer Spencer Neumann said at a BoFA media conferene today. “And so it’s terrible for all those folks out that are not working and it’s not good for the business. So that’s what we’re most focused on.”
“I mean, at the end of the day, to move the business forward and to have great storytelling and fresh stories for our members, it really is about the partnership with those writers, with those producers, with those directors, with those actors,” he added.
“And so, we need to get back to work. That...
“I think really kind of cutting through it, the main thing…is there’s a lot of folks out of work and the business isn’t moving forward,” chief financial officer Spencer Neumann said at a BoFA media conferene today. “And so it’s terrible for all those folks out that are not working and it’s not good for the business. So that’s what we’re most focused on.”
“I mean, at the end of the day, to move the business forward and to have great storytelling and fresh stories for our members, it really is about the partnership with those writers, with those producers, with those directors, with those actors,” he added.
“And so, we need to get back to work. That...
- 9/13/2023
- by Jill Goldsmith
- Deadline Film + TV
As Hollywood actors and writers strike together for the first time in more than half a century, executive pay is in the spotlight. Talent are posting residuals checks barely worth the postage it cost to mail them alongside captions criticizing Hollywood execs’ eight-figure pay packages.
SAG-AFTRA and the Writers Guild of America didn’t strike because of C-suite pay, of course, but the optics of such disparity are fueling the flames.
“What’s happening right now in Hollywood is a microcosm for what’s happening across America,” says Robert Reich, former U.S. Secretary of Labor and co-founder of the Economic Policy Institute. CEOs of major corporations often earn hundreds of times the salary of the typical worker, he notes, and some entertainment companies have ratios even more jarring.
“Is this fair? Fairness is in the eyes of the beholder, obviously, but it certainly doesn’t feel it and it...
SAG-AFTRA and the Writers Guild of America didn’t strike because of C-suite pay, of course, but the optics of such disparity are fueling the flames.
“What’s happening right now in Hollywood is a microcosm for what’s happening across America,” says Robert Reich, former U.S. Secretary of Labor and co-founder of the Economic Policy Institute. CEOs of major corporations often earn hundreds of times the salary of the typical worker, he notes, and some entertainment companies have ratios even more jarring.
“Is this fair? Fairness is in the eyes of the beholder, obviously, but it certainly doesn’t feel it and it...
- 8/3/2023
- by Ashley Cullins
- The Hollywood Reporter - Movie News
When the news came out that Netflix had grown to 238.39 million subscribers in the second quarter of 2023, there was understandably plenty of attention paid to its customer increases. But Netflix’s actual earnings during the quarter were not as robust as some analysts were expecting, and any sign of weakness from the world’s largest streaming service leads to anxiety in the marketplace about the future prospects of streaming in general.
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That’s why Puck News’s Julia Alexander — who is also Director of Strategy at Parrot Analytics — believes that price increases are in Netflix’s future, though they may not be immediate. Netflix CFO Spencer Neumann stated explicitly during the company's earnings call earlier this month that the company would not raise subscription costs for at least 12 months.
“We’re now more than a year out from any price adjustments in our big revenue countries,...
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That’s why Puck News’s Julia Alexander — who is also Director of Strategy at Parrot Analytics — believes that price increases are in Netflix’s future, though they may not be immediate. Netflix CFO Spencer Neumann stated explicitly during the company's earnings call earlier this month that the company would not raise subscription costs for at least 12 months.
“We’re now more than a year out from any price adjustments in our big revenue countries,...
- 7/28/2023
- by David Satin
- The Streamable
Netflix isn’t going out of business anytime soon, but the streamer is doing its best Bed Bath & Beyond imitation by slashing prices for its advertisers. The Wall Street Journal on Thursday reported Netflix lowered rates for advertisers and reworked its ad-sales deal with partner Microsoft. Gone are the days of CPMs (cost-per-thousand views) in the $45-$55 range; now it’s more like $39-$45.
Also gone could be the days of Microsoft’s exclusive dibs as Netflix’s ad-tech partner; per WSJ, Netflix had early talks to sell ads through other partners. Microsoft guaranteed Netflix a certain level of advertising revenue; that (unknown) number is being reduced. The promise proved ill-advised; Microsoft has been forced to pay Netflix the maximum penalty allowed by the contract, the WSJ stated.
A Netflix spokesperson declined IndieWire’s request for comment on the lowered CPMs and the reworked Microsoft partnership.
Both reported moves...
Also gone could be the days of Microsoft’s exclusive dibs as Netflix’s ad-tech partner; per WSJ, Netflix had early talks to sell ads through other partners. Microsoft guaranteed Netflix a certain level of advertising revenue; that (unknown) number is being reduced. The promise proved ill-advised; Microsoft has been forced to pay Netflix the maximum penalty allowed by the contract, the WSJ stated.
A Netflix spokesperson declined IndieWire’s request for comment on the lowered CPMs and the reworked Microsoft partnership.
Both reported moves...
- 7/27/2023
- by Tony Maglio
- Indiewire
Netflix has officially axed its cheapest ad-free plan.
The long-offered basic plan, which let people stream movies and TV shows in HD on one device at a time, cost $9.99 per month. Netflix stopped offering it to new subscribers in Canada last month, and now is dropping it in the U.S. and U.K., too.
Now, with basic gone, the cheapest ad-free plan Netflix offers new subscribers is $15.49 per month. If you’re willing to put up with ads, you can drop that to $6.99 per month. Current subscribers who already have the basic plan can keep it for $9.99/month going forward, so long as they don’t change or cancel their plan.
Netflix announced the basic plan kill during its Q2 earnings call, with the reasoning that its “entry prices” for ad-supported plans “provide great value to consumers given the breadth and quality of our catalog,” per The Verge.
“We...
The long-offered basic plan, which let people stream movies and TV shows in HD on one device at a time, cost $9.99 per month. Netflix stopped offering it to new subscribers in Canada last month, and now is dropping it in the U.S. and U.K., too.
Now, with basic gone, the cheapest ad-free plan Netflix offers new subscribers is $15.49 per month. If you’re willing to put up with ads, you can drop that to $6.99 per month. Current subscribers who already have the basic plan can keep it for $9.99/month going forward, so long as they don’t change or cancel their plan.
Netflix announced the basic plan kill during its Q2 earnings call, with the reasoning that its “entry prices” for ad-supported plans “provide great value to consumers given the breadth and quality of our catalog,” per The Verge.
“We...
- 7/20/2023
- by James Hale
- Tubefilter.com
Wall Street reviews of Netflix’ latest earnings ranged from upbeat to more cautiously optimistic, with the latter taking hold today after a major jump in net new subscribers failed to ignite sales last quarter.
Asked why, co-CEOs Ted Sarandos and Greg Peters and CFO Spencer Neumann said they expect a revenue boost from newly launched paid sharing, which just started in May, and from the ad-tier that launched last fall, will be gradual and roll out in coming quarters. But uncertainty on the timing combined with an already frothy share price saw Netflix stock dip after hours Wednesday and lose ground today. It’s trading down almost 9% at $435.
Netflix reported yesterday it added 5.9 million new subscribers for the second quarter ended in June – smashing forecasts. Revenue rose 2.7% to $8.2 billion.
“Given the sheer number of unknowns, it is hard to have any conviction to the upside or to the downside,” research...
Asked why, co-CEOs Ted Sarandos and Greg Peters and CFO Spencer Neumann said they expect a revenue boost from newly launched paid sharing, which just started in May, and from the ad-tier that launched last fall, will be gradual and roll out in coming quarters. But uncertainty on the timing combined with an already frothy share price saw Netflix stock dip after hours Wednesday and lose ground today. It’s trading down almost 9% at $435.
Netflix reported yesterday it added 5.9 million new subscribers for the second quarter ended in June – smashing forecasts. Revenue rose 2.7% to $8.2 billion.
“Given the sheer number of unknowns, it is hard to have any conviction to the upside or to the downside,” research...
- 7/20/2023
- by Jill Goldsmith
- Deadline Film + TV
It’s a fact of adulthood that things only ever seem to get more expensive, never cheaper. Streaming services are no exception; 35% of American adults think their streaming subscriptions cost too much. But streaming users also identify Netflix as the service they can’t do without, and that company is using a (somewhat) lighter touch with price increases, for now.
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Netflix reported its second-quarter earnings on Wednesday when it revealed it had gained nearly six million subscribers since the beginning of April. As part of its conference call with investors and analysts, CFO Spencer Neumann pledged that it would be at least 12 months before the company considered a price increase.
“We’re now more than a year out from any price adjustments in our big revenue countries,” Neumann said. “We largely pause them during paid sharing rollout and so that’s to be expected. For ads,...
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Netflix reported its second-quarter earnings on Wednesday when it revealed it had gained nearly six million subscribers since the beginning of April. As part of its conference call with investors and analysts, CFO Spencer Neumann pledged that it would be at least 12 months before the company considered a price increase.
“We’re now more than a year out from any price adjustments in our big revenue countries,” Neumann said. “We largely pause them during paid sharing rollout and so that’s to be expected. For ads,...
- 7/20/2023
- by David Satin
- The Streamable
Netflix acknowledged the punishing landscape that is streaming today but — even as some now question the entire model — insisted it’s a good business if you’ve got “strong execution and focus” and it does.
“Consumers have so many amazing entertainment choices,” it said, calling out its largest rivals Disney, Comcast, Paramount Global and Warner Bros Discovery “with their large content libraries and creative expertise — [who] are now focused on profit so they can build sustainable, long-term streaming businesses.” Big-tech rivals Apple, Amazon and YouTube, “with their broad reach and deep pockets, continue to invest heavily to grow their streaming revenues,” read its letter to shareholders alongside quarterly earnings.
“Combined with Apple’s video initiatives, there’s quite a competitive battle happening,” Netflix said. “But while streaming is intensely competitive, we’ve shown that with strong execution and focus, it can be a great business. Long-term success takes strength in both entertainment and technology,...
“Consumers have so many amazing entertainment choices,” it said, calling out its largest rivals Disney, Comcast, Paramount Global and Warner Bros Discovery “with their large content libraries and creative expertise — [who] are now focused on profit so they can build sustainable, long-term streaming businesses.” Big-tech rivals Apple, Amazon and YouTube, “with their broad reach and deep pockets, continue to invest heavily to grow their streaming revenues,” read its letter to shareholders alongside quarterly earnings.
“Combined with Apple’s video initiatives, there’s quite a competitive battle happening,” Netflix said. “But while streaming is intensely competitive, we’ve shown that with strong execution and focus, it can be a great business. Long-term success takes strength in both entertainment and technology,...
- 7/19/2023
- by Jill Goldsmith
- Deadline Film + TV
It’s going to be a while before Netflix raises its prices again, and subscribers have the streamer’s paid sharing rollout to thank.
“We’re now more than a year out from any price adjustments in our big revenue countries. We largely paused them during the paid sharing rollout,” Netflix’s CFO Spencer Neumann said during the company’s second quarter earnings call Wednesday. Neumann also called the sharing plan the company’s “primary revenue accelerator in the year.”
“Most of our revenue growth this year is from growth in volume from new paid memberships, and that’s largely driven by our new paid rollout,” Neumann said. While ads will eventually contribute more to Netflix’s revenue stream, the company expects that growth will take time, calling its ad system a “gradual revenue build.”
In May, the streamer officially launched paid sharing in over 100 countries that accounted for 80% of Netflix’s revenue.
“We’re now more than a year out from any price adjustments in our big revenue countries. We largely paused them during the paid sharing rollout,” Netflix’s CFO Spencer Neumann said during the company’s second quarter earnings call Wednesday. Neumann also called the sharing plan the company’s “primary revenue accelerator in the year.”
“Most of our revenue growth this year is from growth in volume from new paid memberships, and that’s largely driven by our new paid rollout,” Neumann said. While ads will eventually contribute more to Netflix’s revenue stream, the company expects that growth will take time, calling its ad system a “gradual revenue build.”
In May, the streamer officially launched paid sharing in over 100 countries that accounted for 80% of Netflix’s revenue.
- 7/19/2023
- by Kayla Cobb
- The Wrap
Netflix provided an update on its paid account-sharing initiative, which it says has now been expanded to more than 100 countries, representing more than 80 percent of its revenue base.
The streamer began cracking down on users who share their Netflix password in the U.S. on May 23, after launching the program in several countries around the world in early February. Now, as of the second quarter, the company reported adding 5.9 million new subscribers, reaching 238.4 million globally, and says that it has seen a limited number of account cancellations as a result of the action.
“The cancel reaction was low and while we’re still in the early stages of monetization, we’re seeing healthy conversion of borrower households into full paying Netflix memberships as well as the uptake of our extra member feature. We are revenue and paid membership positive vs. prior to the launch of paid sharing across every region in our latest launch,...
The streamer began cracking down on users who share their Netflix password in the U.S. on May 23, after launching the program in several countries around the world in early February. Now, as of the second quarter, the company reported adding 5.9 million new subscribers, reaching 238.4 million globally, and says that it has seen a limited number of account cancellations as a result of the action.
“The cancel reaction was low and while we’re still in the early stages of monetization, we’re seeing healthy conversion of borrower households into full paying Netflix memberships as well as the uptake of our extra member feature. We are revenue and paid membership positive vs. prior to the launch of paid sharing across every region in our latest launch,...
- 7/19/2023
- by Caitlin Huston
- The Hollywood Reporter - Movie News
In a symbolic rebuke of Netflix’s top executives, company shareholders voted against approving the compensation packages of leaders including co-CEOs Ted Sarandos and Greg Peters.
At the streamer’s June 1 annual shareholders meeting, investors failed to approve the proposed exec pay packages for 2023. But the vote was a non-binding “say-on-pay” advisory measure, meaning Netflix’s board can disregard the result. The board had unanimously recommended voting for the 2023 compensation plans.
The vote came after the Writers Guild of America had urged investors to vote against Netflix’s exec compensation measures in a letter Tuesday. That said, the majority of shareholder votes on the measure had already been cast prior to the issuance of the WGA’s letter — and most of those were “no” votes, according to a source familiar with the situation.
“While investors have long taken issue with Netflix’s executive pay, the compensation structure is more egregious...
At the streamer’s June 1 annual shareholders meeting, investors failed to approve the proposed exec pay packages for 2023. But the vote was a non-binding “say-on-pay” advisory measure, meaning Netflix’s board can disregard the result. The board had unanimously recommended voting for the 2023 compensation plans.
The vote came after the Writers Guild of America had urged investors to vote against Netflix’s exec compensation measures in a letter Tuesday. That said, the majority of shareholder votes on the measure had already been cast prior to the issuance of the WGA’s letter — and most of those were “no” votes, according to a source familiar with the situation.
“While investors have long taken issue with Netflix’s executive pay, the compensation structure is more egregious...
- 6/1/2023
- by Todd Spangler
- Variety Film + TV
Netflix is ditching its plans for an in-person upfront presentation next week and switching to a virtual-only event, TheWrap has learned.
“We wanted to let you know that we have decided to move our Upfront event at the Paris Theater on Wednesday, May 17th at 5pm Et from in-person to virtual,” a message sent to advertisers on Wednesday evening read. “We look forward to sharing our progress on ads and upcoming slate with you. We’ll share more details next week.”
The streamer did not disclose the reasoning behind the abrupt change of plans.
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The move comes as the Writers Guild of America is on strike for the first time since November 2007 after the group was unable to reach a deal in contract negotiations with the Alliance of Motion Picture and Television Producers.
“We wanted to let you know that we have decided to move our Upfront event at the Paris Theater on Wednesday, May 17th at 5pm Et from in-person to virtual,” a message sent to advertisers on Wednesday evening read. “We look forward to sharing our progress on ads and upcoming slate with you. We’ll share more details next week.”
The streamer did not disclose the reasoning behind the abrupt change of plans.
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Mandy Patinkin Spoofs ‘Princess Bride’ While Picketing With WGA Strikers in NYC: ‘You Killed Residuals, Prepare to Pay!’
The move comes as the Writers Guild of America is on strike for the first time since November 2007 after the group was unable to reach a deal in contract negotiations with the Alliance of Motion Picture and Television Producers.
- 5/11/2023
- by Lucas Manfredi
- The Wrap
Reed Hastings saw his total pay package jump by about $10 million in 2022 to $51 million on a new stock option grant. Co-CEO Ted Sarandos pulled in total compensation of $50.3 million, up from $38.2 million, also on a bigger option grant.
The streaming company in SEC documents Friday revealed that Hastings earned a base salary of $650,000, with the bulk of his package, $49.4 million, in option awards. Sarandos had a $20 million base salary, with options awards of $28.5 million.
Unusual among big publicly traded companies, Netflix lets executives decide if they prefer to be paid in cash or stock options. Sarandos has always taken a very large chunk in cash. Options can be considered at risk since they usually vest over time and their value can change depending on the stock price. Netflix has tangled with shareholders in recent years over its executive compensation.
Hastings and Sarandos were co-CEOs last year. In January, Netflix co-founder...
The streaming company in SEC documents Friday revealed that Hastings earned a base salary of $650,000, with the bulk of his package, $49.4 million, in option awards. Sarandos had a $20 million base salary, with options awards of $28.5 million.
Unusual among big publicly traded companies, Netflix lets executives decide if they prefer to be paid in cash or stock options. Sarandos has always taken a very large chunk in cash. Options can be considered at risk since they usually vest over time and their value can change depending on the stock price. Netflix has tangled with shareholders in recent years over its executive compensation.
Hastings and Sarandos were co-CEOs last year. In January, Netflix co-founder...
- 4/21/2023
- by Jill Goldsmith
- Deadline Film + TV
Coming off a turbulent year that saw Netflix’s stock lose more than $50 billion in market share at one point as subscriber growth has faltered, the streaming giant’s top executives saw their total pay packages see a significant bump to cross the $50 million mark in 2022, according to securities filings released on Friday.
Netflix chairman and then-co-ceo Reed Hastings brought in roughly $51.1 million in total compensation last year compared to the $40.8 million he received in 2021. Last year’s compensation was comprised of a $650,000 base salary, roughly $49.4 million in stock options and $1 million coming from other compensation, the majority of which was for the personal use of Netflix’s corporate aircraft and $212 for car services.
Netflix co-ceo Ted Sarandos saw his 2022 pay package hit just under $50.3 million compared to the $38.2 million he brought in the previous year. Of the $50.3 million, $20 million came from the executive’s base salary, $28.5 million from stock...
Netflix chairman and then-co-ceo Reed Hastings brought in roughly $51.1 million in total compensation last year compared to the $40.8 million he received in 2021. Last year’s compensation was comprised of a $650,000 base salary, roughly $49.4 million in stock options and $1 million coming from other compensation, the majority of which was for the personal use of Netflix’s corporate aircraft and $212 for car services.
Netflix co-ceo Ted Sarandos saw his 2022 pay package hit just under $50.3 million compared to the $38.2 million he brought in the previous year. Of the $50.3 million, $20 million came from the executive’s base salary, $28.5 million from stock...
- 4/21/2023
- by J. Clara Chan
- The Hollywood Reporter - Movie News
If you’re one of the Netflix subscribers who pay $6.99 per month to watch via its Basic With Ads tier, the streamer owes you its thanks: You’re more valuable than the ad-free Standard customers who to pay $15.49 per month.
According to Netflix’s first-quarter earnings report, “Basic with Ads” in the U.S. now brings in more overall revenue per user than the company’s Standard plan. Do the math, and that tells us advertising contributes at least $8.50 in revenue per (U.S.) user to Netflix. (A report in Bloomberg last month put the number of ad-tier subscribers at 1 million.)
As CFO Spencer Neumann said during the senior team’s Q1 earnings interview, “Overall we’re pleased with our per-member ad-plan economics. We really like the path we’re on.”
Who wouldn’t? Neumann called AVOD (advertising-supported video on-demand) Netflix a “win-win” situation. “Basic with Ads” members made the...
According to Netflix’s first-quarter earnings report, “Basic with Ads” in the U.S. now brings in more overall revenue per user than the company’s Standard plan. Do the math, and that tells us advertising contributes at least $8.50 in revenue per (U.S.) user to Netflix. (A report in Bloomberg last month put the number of ad-tier subscribers at 1 million.)
As CFO Spencer Neumann said during the senior team’s Q1 earnings interview, “Overall we’re pleased with our per-member ad-plan economics. We really like the path we’re on.”
Who wouldn’t? Neumann called AVOD (advertising-supported video on-demand) Netflix a “win-win” situation. “Basic with Ads” members made the...
- 4/19/2023
- by Tony Maglio
- Indiewire
Shares of Netflix were flat in after-hours trading on Tuesday after the company reported mixed earnings results for its first quarter of 2023.
The streaming behemoth posted net income of $1.31 billion, or earnings per share of $2.88, on revenue of $8.162 billion. Analysts surveyed by Zacks Investment Research were expecting earnings per share of $2.53 on revenue of $8.2 billion. The stock briefly dropped by as much as 11% in the minutes after the release of the results as investors digested the news, but rapidly bounced back.
Netflix added 1.75 million subscribers during the quarter for a total of 232.5 million globally, but noted that it lost 400,000 users in Latin America due to “pull forward from Q4 and ongoing macroeconomic softness.”
The company’s average revenue per user came in at $16.18 in the United States and Canada, $10.89 in the Europe, Middle East and Africa region, $8.60 in Latin America and $8.03 in the Asia-Pacific region. Revenue in the U.S.
The streaming behemoth posted net income of $1.31 billion, or earnings per share of $2.88, on revenue of $8.162 billion. Analysts surveyed by Zacks Investment Research were expecting earnings per share of $2.53 on revenue of $8.2 billion. The stock briefly dropped by as much as 11% in the minutes after the release of the results as investors digested the news, but rapidly bounced back.
Netflix added 1.75 million subscribers during the quarter for a total of 232.5 million globally, but noted that it lost 400,000 users in Latin America due to “pull forward from Q4 and ongoing macroeconomic softness.”
The company’s average revenue per user came in at $16.18 in the United States and Canada, $10.89 in the Europe, Middle East and Africa region, $8.60 in Latin America and $8.03 in the Asia-Pacific region. Revenue in the U.S.
- 4/18/2023
- by Lucas Manfredi
- The Wrap
After a rough 2022 for streamers, the major players are forging ahead to find new revenue sources and trim their losses as Wall Street’s metric for success has shifted from subscribers to profitability.
Each quarter, TheWrap takes a deep dive on the latest subscriber and average revenue per user (Arpu) figures, with the freshest numbers straight from company disclosures.
This analysis doesn’t include Amazon Prime Video and Apple TV+, because they don’t release subscriber or Arpu figures. In 2021, Amazon reported more than 200 million Prime members worldwide and said over 175 million of them streamed its film and television content.
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Netflix’s Co-CEOs Can Use Reed Hastings’ Playbook – or Write Their Own So how do the streamers’ subscribers and ARPUs stack up against each other?
Netflix was the clear leader in number of subscribers, though Disney’s combination of Disney+ and Hulu came close to challenging it. Warner Bros. Discovery,...
Each quarter, TheWrap takes a deep dive on the latest subscriber and average revenue per user (Arpu) figures, with the freshest numbers straight from company disclosures.
This analysis doesn’t include Amazon Prime Video and Apple TV+, because they don’t release subscriber or Arpu figures. In 2021, Amazon reported more than 200 million Prime members worldwide and said over 175 million of them streamed its film and television content.
Also Read:
Netflix’s Co-CEOs Can Use Reed Hastings’ Playbook – or Write Their Own So how do the streamers’ subscribers and ARPUs stack up against each other?
Netflix was the clear leader in number of subscribers, though Disney’s combination of Disney+ and Hulu came close to challenging it. Warner Bros. Discovery,...
- 3/1/2023
- by Lucas Manfredi
- The Wrap
When Netflix launched its ad-supported subscription tier in November, the initial sign-ups numbers could charitably be described as “soft.” In its first month of availability, the ad-tier reportedly accounted for only 9 percent of new signups, with only 0.2 percent of total U.S. Netflix subscribers on the “Basic with Ads” plan.
Now, however, it looks like Netflix’s dive into advertising may be starting to pay off. According to The Information, Netflix has been informing its advertising partners that sign-ups to the new tier have doubled over the course of January compared to November.
Netflix did not immediately respond to IndieWire’s request for comment on the increase in sign-ups.
As with many Netflix metrics, there’s a caveat here: the streamer reportedly did not inform advertisers the actual number of sign-ups in January and the total number of subscribers on the tier. Last fall, when Netflix began making deals with marketers to support the tier,...
Now, however, it looks like Netflix’s dive into advertising may be starting to pay off. According to The Information, Netflix has been informing its advertising partners that sign-ups to the new tier have doubled over the course of January compared to November.
Netflix did not immediately respond to IndieWire’s request for comment on the increase in sign-ups.
As with many Netflix metrics, there’s a caveat here: the streamer reportedly did not inform advertisers the actual number of sign-ups in January and the total number of subscribers on the tier. Last fall, when Netflix began making deals with marketers to support the tier,...
- 2/1/2023
- by Wilson Chapman
- Indiewire
Netflix still spends a small fortune on content. But relatively speaking, the streamer in 2022 kept a lid on payments for TV shows and movies — underscoring that the days of runaway spending on programming are behind it.
Last year, the streamer paid out 16.84 billion on a cash basis for content, which was 4.9 less than in 2021, when it shelled out 17.70 billion, according to Netflix’s financial statements released Thursday for its fourth-quarter earnings report.
Netflix’s content obligations — payments for the acquisition, licensing and production of content over multiyear periods — also declined last year, dropping 5.7, from 23.16 billion to 21.83 billion.
The steady-state in content spending, along with other cost reductions (including layoffs and slower hiring), led Netflix to project a “sustained” trajectory of growth in free cash flow. “Now that we are a decade into our original programming initiative and have successfully scaled it, we are past the most cash-intensive phase of this buildout,...
Last year, the streamer paid out 16.84 billion on a cash basis for content, which was 4.9 less than in 2021, when it shelled out 17.70 billion, according to Netflix’s financial statements released Thursday for its fourth-quarter earnings report.
Netflix’s content obligations — payments for the acquisition, licensing and production of content over multiyear periods — also declined last year, dropping 5.7, from 23.16 billion to 21.83 billion.
The steady-state in content spending, along with other cost reductions (including layoffs and slower hiring), led Netflix to project a “sustained” trajectory of growth in free cash flow. “Now that we are a decade into our original programming initiative and have successfully scaled it, we are past the most cash-intensive phase of this buildout,...
- 1/20/2023
- by Todd Spangler
- Variety Film + TV
Netflix’s new co-ceo duo, Ted Sarandos and Greg Peters, along with Reed Hastings, who’s stepping into an executive chairman role, discussed the leadership change and more on its fourth-quarter 2022 earnings interview.
Overall, the execs said there’s no significant change in strategy with the executive changes. “We’ve always been focused on the future and where the consumers are going,” Sarandos said, pointing out that Netflix doesn’t have to manage a legacy media business. In the U.S. Netflix is about 8% of time spent viewing TV “so it’s an enormous amount of growth ahead, even in markets where we are very well established.”
For Q4, Netflix reported a net gain of 7.7 million new subscribers, blowing past the 4.5 million it previously forecast. The company didn’t break out the performance of Netflix Basic With Ads, which launched in the U.S. on Nov. 3 at $6.99 per month, 30% less...
Overall, the execs said there’s no significant change in strategy with the executive changes. “We’ve always been focused on the future and where the consumers are going,” Sarandos said, pointing out that Netflix doesn’t have to manage a legacy media business. In the U.S. Netflix is about 8% of time spent viewing TV “so it’s an enormous amount of growth ahead, even in markets where we are very well established.”
For Q4, Netflix reported a net gain of 7.7 million new subscribers, blowing past the 4.5 million it previously forecast. The company didn’t break out the performance of Netflix Basic With Ads, which launched in the U.S. on Nov. 3 at $6.99 per month, 30% less...
- 1/20/2023
- by Todd Spangler
- Variety Film + TV
Netflix, reporting subscriber numbers for the first time since launching an ad-supported subscription tier, brought in 7.66 million subscribers during the fourth quarter of 2022, outperforming its forecasts for the holiday season.
The streaming giant, which now has a total of 230.75 million global subscribers, had previously warned Wall Street it would add around 4.5 million subscribers for the quarter, making it the company’s weakest fourth quarter since 2014. The forecasts led Netflix stock to drop in after-hours trading ahead of Thursday’s earnings report, though the stock is up nearly 10 percent year to date.
Revenue hit 7.85 million for the fourth quarter and is forecasted to grow to 8.17 million for the first quarter of this year. In the United States and Canada, Netflix added 910,000 subscribers, while its biggest growth region for the quarter, as far as subscribers, was Europe, the Middle East and Africa with 3.2 million sub additions.
“2022 was a tough year, with a...
The streaming giant, which now has a total of 230.75 million global subscribers, had previously warned Wall Street it would add around 4.5 million subscribers for the quarter, making it the company’s weakest fourth quarter since 2014. The forecasts led Netflix stock to drop in after-hours trading ahead of Thursday’s earnings report, though the stock is up nearly 10 percent year to date.
Revenue hit 7.85 million for the fourth quarter and is forecasted to grow to 8.17 million for the first quarter of this year. In the United States and Canada, Netflix added 910,000 subscribers, while its biggest growth region for the quarter, as far as subscribers, was Europe, the Middle East and Africa with 3.2 million sub additions.
“2022 was a tough year, with a...
- 1/19/2023
- by J. Clara Chan
- The Hollywood Reporter - Movie News
Netflix has hired PayPal veteran Jeffrey Karbowski, 45, as VP and Chief Accounting Officer.
The staffing move follows a somewhat unusual sequence in 2022. Karbowski’s predecessor was Ken Barker, who joined the company after a 19-year run at video game maker Electronic Arts, only to resign last September after only three months in the job. An SEC filing at the time said the departure was due to personal reasons.
Karbowski will report to Netflix CFO Spencer Neumann, who had been heading up accounting pending a search.
The newly minted exec held various posts at PayPal since joining the payment tech firm in 2013. He was most recently VP, Chief Accounting Officer. Prior to joining PayPal, Karbowski served as director of accounting at Microsoft-owned Skype and a senior manager at accounting firm Ernst & Young.
Netflix said in an SEC filing it is paying Karbowski an annual base salary of 2 million, a...
The staffing move follows a somewhat unusual sequence in 2022. Karbowski’s predecessor was Ken Barker, who joined the company after a 19-year run at video game maker Electronic Arts, only to resign last September after only three months in the job. An SEC filing at the time said the departure was due to personal reasons.
Karbowski will report to Netflix CFO Spencer Neumann, who had been heading up accounting pending a search.
The newly minted exec held various posts at PayPal since joining the payment tech firm in 2013. He was most recently VP, Chief Accounting Officer. Prior to joining PayPal, Karbowski served as director of accounting at Microsoft-owned Skype and a senior manager at accounting firm Ernst & Young.
Netflix said in an SEC filing it is paying Karbowski an annual base salary of 2 million, a...
- 1/9/2023
- by Dade Hayes
- Deadline Film + TV
Netflix has hired Jeff Karbowski, most recently VP and chief accounting officer of PayPal, to take on the same role at the streaming giant.
Karbowski, 45, will take on the role effective Feb. 13, 2023, reporting to CFO Spencer Neumann, the company said in an SEC filing Monday. Netflix’s hiring of Karbowski comes after the company had hired former Electronic Arts finance exec Ken Barker for the job last year — before he resigned after about three months.
A nearly 10-year veteran of PayPal, Karbowski served in various roles at the online payment processor since May 2013. He was chief accounting officer since August 2020, and prior to that was VP, global controller from October 2019 to August 2020. Karbowski was senior director, controller for PayPal from June 2015 to September 2019.
Prior to joining PayPal, Karbowski served as the director of accounting at Skype, a division of Microsoft, and before that was a senior manager at consulting firm Ey.
Karbowski, 45, will take on the role effective Feb. 13, 2023, reporting to CFO Spencer Neumann, the company said in an SEC filing Monday. Netflix’s hiring of Karbowski comes after the company had hired former Electronic Arts finance exec Ken Barker for the job last year — before he resigned after about three months.
A nearly 10-year veteran of PayPal, Karbowski served in various roles at the online payment processor since May 2013. He was chief accounting officer since August 2020, and prior to that was VP, global controller from October 2019 to August 2020. Karbowski was senior director, controller for PayPal from June 2015 to September 2019.
Prior to joining PayPal, Karbowski served as the director of accounting at Skype, a division of Microsoft, and before that was a senior manager at consulting firm Ey.
- 1/9/2023
- by Todd Spangler
- Variety Film + TV
Executives discuss ad tier, password sharing, Glass Onion theatrical release with analysts.
Netflix will cease to provide membership guidance in a conclusive sign that the world’s biggest streamer has pivoted after a torrid start to 2022 and is doubling down on revenue as its prime metric.
The company delivered a stirring Q3 earnings report that saw global membership exceed forecasts to climb by 2.41m to 223.09m. On top of that it beat revenue and earnings forecasts, sending the stock price up by 14 in after-hours trading.
Bullish executives outlined a roadmap to fiscal responsibility and increased profitability during the traditional video...
Netflix will cease to provide membership guidance in a conclusive sign that the world’s biggest streamer has pivoted after a torrid start to 2022 and is doubling down on revenue as its prime metric.
The company delivered a stirring Q3 earnings report that saw global membership exceed forecasts to climb by 2.41m to 223.09m. On top of that it beat revenue and earnings forecasts, sending the stock price up by 14 in after-hours trading.
Bullish executives outlined a roadmap to fiscal responsibility and increased profitability during the traditional video...
- 10/19/2022
- by Jeremy Kay
- ScreenDaily
Netflix is spending around 17 billion on content this year and next but has hinted that it may boost this after a strong quarter.
The streamer reported positive subscriber numbers Tuesday after two quarters of subs losses, giving it more confidence that the great comeback has started.
Related Story Netflix Tops Wall Street Q3 Estimates In Comeback Quarter Related Story Ted Sarandos Downplays 'Knives Out 2' Theatrical Deal, Says Netflix Is About "Entertaining Members With Netflix Movies On Netflix" Related Story Netflix Execs Don't Expect Subscriber Shift From Ad-Free To Ad-Supported Tier Despite Cheaper Price
Co-CEO Ted Sarandos said during its quarterly YouTube investor video that the company will “revisit” the 17B figure, which has been spent on hit titles such as Stranger Things 4, Dahmer and The Gray Man.
“What we’re seeing is that the both the scope and scale, as well as the range and the cadence of hits is improving,...
The streamer reported positive subscriber numbers Tuesday after two quarters of subs losses, giving it more confidence that the great comeback has started.
Related Story Netflix Tops Wall Street Q3 Estimates In Comeback Quarter Related Story Ted Sarandos Downplays 'Knives Out 2' Theatrical Deal, Says Netflix Is About "Entertaining Members With Netflix Movies On Netflix" Related Story Netflix Execs Don't Expect Subscriber Shift From Ad-Free To Ad-Supported Tier Despite Cheaper Price
Co-CEO Ted Sarandos said during its quarterly YouTube investor video that the company will “revisit” the 17B figure, which has been spent on hit titles such as Stranger Things 4, Dahmer and The Gray Man.
“What we’re seeing is that the both the scope and scale, as well as the range and the cadence of hits is improving,...
- 10/18/2022
- by Peter White
- Deadline Film + TV
Netflix’s new principal accounting officer Ken Barker, who began in his role on June 27, is exiting the streamer early next month, the company disclosed in an SEC filing Friday.
The filing says that Barker announced his resignation on Thursday and that his exit will be effective Oct. 7. The filing adds that the reason for his exit was a “personal decision” and “is not the result of any disagreement with the Company on any matter relating to the Company’s financials, operations, policies, or practices.”
CFO Spencer Neumann will assume the role of principal accounting officer in the interim while a search is underway for a permanent replacement.
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Barker in June took over the role that Jc Berger had held for the past 15 years, where he served as Netflix’s global controller.
From June 2003 to June 2022, Mr.
The filing says that Barker announced his resignation on Thursday and that his exit will be effective Oct. 7. The filing adds that the reason for his exit was a “personal decision” and “is not the result of any disagreement with the Company on any matter relating to the Company’s financials, operations, policies, or practices.”
CFO Spencer Neumann will assume the role of principal accounting officer in the interim while a search is underway for a permanent replacement.
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Barker in June took over the role that Jc Berger had held for the past 15 years, where he served as Netflix’s global controller.
From June 2003 to June 2022, Mr.
- 9/23/2022
- by Brian Welk
- The Wrap
Click here to read the full article.
Netflix is on the hunt for a new chief accounting officer.
The streaming giant said Friday that Ken Barker, who had joined the company June 27, had tendered his resignation, effective Oct. 7.
“Mr. Barker’s resignation was a personal decision and is not the result of any disagreement with the Company on any matter relating to the Company’s financials, operations, policies, or practice,” Netflix added in a securities filing.
Netflix says that its CFO, Spencer Neumann, will assume the role of the company’s principal accounting officer until it identifies a permanent replacement. The chief or principal accounting officer fills a critical role at any publicly traded company, overseeing all accounting and financial reporting.
Barker had joined Netflix from Electronic Arts, where he was a senior vp.
The company will be seeking a new Cao at a critical juncture, as it seeks to...
Netflix is on the hunt for a new chief accounting officer.
The streaming giant said Friday that Ken Barker, who had joined the company June 27, had tendered his resignation, effective Oct. 7.
“Mr. Barker’s resignation was a personal decision and is not the result of any disagreement with the Company on any matter relating to the Company’s financials, operations, policies, or practice,” Netflix added in a securities filing.
Netflix says that its CFO, Spencer Neumann, will assume the role of the company’s principal accounting officer until it identifies a permanent replacement. The chief or principal accounting officer fills a critical role at any publicly traded company, overseeing all accounting and financial reporting.
Barker had joined Netflix from Electronic Arts, where he was a senior vp.
The company will be seeking a new Cao at a critical juncture, as it seeks to...
- 9/23/2022
- by Alex Weprin
- The Hollywood Reporter - Movie News
Ken Barker, the principal accounting officer at Netflix, has resigned from the company just three months after he arrived.
In an SEC filing, the company said Barker submitted his resignation on Thursday. The filing described it as a “personal decision” and emphasized that it was “not the result of any disagreement with the company on any matter relating to the company’s financials, operations, policies, or practices.”
Netflix CFO Spencer Neumann will take on the role of principal accounting officer during the search for Barker’s permanent replacement, the company said.
Barker joined Netflix last June after a 19-year run at Electronic Arts. Before EA, Barker worked at Sun Microsystems and Deloitte & Touche.
The exec shuffle comes as Netflix navigates one of the most challenging periods in its 25-year history. The company has laid off workers and trimmed expenses in an effort to right the ship after two straight disappointing quarters.
In an SEC filing, the company said Barker submitted his resignation on Thursday. The filing described it as a “personal decision” and emphasized that it was “not the result of any disagreement with the company on any matter relating to the company’s financials, operations, policies, or practices.”
Netflix CFO Spencer Neumann will take on the role of principal accounting officer during the search for Barker’s permanent replacement, the company said.
Barker joined Netflix last June after a 19-year run at Electronic Arts. Before EA, Barker worked at Sun Microsystems and Deloitte & Touche.
The exec shuffle comes as Netflix navigates one of the most challenging periods in its 25-year history. The company has laid off workers and trimmed expenses in an effort to right the ship after two straight disappointing quarters.
- 9/23/2022
- by Dade Hayes
- Deadline Film + TV
Click here to read the full article.
As Wall Street cools on scale as a primary metric for investors to judge Hollywood’s streaming race, Disney is revising its ambitious forecast for subscriber additions on its flagship platform.
The company has separated its streaming guidance and now expects to hit 135 million to 165 million Disney+ subscribers by 2024. And it additionally expects Disney+ Hotstar subscribers to reach up to 80 million subscribers by the same year. The revised forecast arrives as Disney’s direct-to-consumer streaming division disclosed a quarterly loss of 1.06 billion.
In its most recent quarter, Disney added 14.4 million subscribers to hit 152 million total global subscribers, but that figure also includes Disney+ Hotstar, which is now being separated out in guidance. Without Hotstar, Disney+ currently has 93.6 million subscribers as of July 2 — meaning that Disney+ is hoping to add between 40 million and 70 million subscribers to what’s being called its “core” offering by...
As Wall Street cools on scale as a primary metric for investors to judge Hollywood’s streaming race, Disney is revising its ambitious forecast for subscriber additions on its flagship platform.
The company has separated its streaming guidance and now expects to hit 135 million to 165 million Disney+ subscribers by 2024. And it additionally expects Disney+ Hotstar subscribers to reach up to 80 million subscribers by the same year. The revised forecast arrives as Disney’s direct-to-consumer streaming division disclosed a quarterly loss of 1.06 billion.
In its most recent quarter, Disney added 14.4 million subscribers to hit 152 million total global subscribers, but that figure also includes Disney+ Hotstar, which is now being separated out in guidance. Without Hotstar, Disney+ currently has 93.6 million subscribers as of July 2 — meaning that Disney+ is hoping to add between 40 million and 70 million subscribers to what’s being called its “core” offering by...
- 8/10/2022
- by Erik Hayden
- The Hollywood Reporter - Movie News
Netflix has nearly completed its about-face about commercials. While we now know its ad-tech partner (Microsoft) and when it will launch (“early 2023”), there’s still much we do not know about AVOD Netflix. Like, which shows (and movies) will Netflix put ads on anyway?
The short answer is most — but not all — content. “The vast majority of what people watch on Netflix we can include in the ad-supported tier — today,” the company’s Co-CEO and Chief Content Officer Ted Sarandos said on Tuesday’s Q2 earnings conference call. “We will clear some additional content — but certainly not all of it.”
Sarandos was responding to what is understood as one of Netflix’s biggest hurdles to launching commercials: Actually getting permission. It needs to renegotiate at least some contracts for third-party shows like “Breaking Bad” and also Netflix Originals that are produced by other studios. Sony makes “The Crown,” for instance.
The short answer is most — but not all — content. “The vast majority of what people watch on Netflix we can include in the ad-supported tier — today,” the company’s Co-CEO and Chief Content Officer Ted Sarandos said on Tuesday’s Q2 earnings conference call. “We will clear some additional content — but certainly not all of it.”
Sarandos was responding to what is understood as one of Netflix’s biggest hurdles to launching commercials: Actually getting permission. It needs to renegotiate at least some contracts for third-party shows like “Breaking Bad” and also Netflix Originals that are produced by other studios. Sony makes “The Crown,” for instance.
- 7/20/2022
- by Tony Maglio and Chris Lindahl
- Indiewire
Netflix executives see content spending of about 17 billion in 2021 lingering there through 2023.
It’s the latest shift for the giant streamer that’s always been gung-ho about spending and was seen as nosing up to the 20 billion range. But as part of an overall industry rethink — and its own — CFO Spencer Neumann said, “We are expecting to spend about 17 billion this year, and we are in the right Zip code.”
Netflix Q2 Earnings Report: Deadline’s Full Coverage
“We have come through a pretty big business transition,” he said during the company’s post-earnings second-quarter video call, referring to a plunge during the past five to 10 years into original production, which now makes up over 60 of the total. Content spend will continue to grow but be “moderated,” he said. “We have gotten smarter in how we can direct our spend for greatest impact.”
“We spent the way we spent to...
It’s the latest shift for the giant streamer that’s always been gung-ho about spending and was seen as nosing up to the 20 billion range. But as part of an overall industry rethink — and its own — CFO Spencer Neumann said, “We are expecting to spend about 17 billion this year, and we are in the right Zip code.”
Netflix Q2 Earnings Report: Deadline’s Full Coverage
“We have come through a pretty big business transition,” he said during the company’s post-earnings second-quarter video call, referring to a plunge during the past five to 10 years into original production, which now makes up over 60 of the total. Content spend will continue to grow but be “moderated,” he said. “We have gotten smarter in how we can direct our spend for greatest impact.”
“We spent the way we spent to...
- 7/19/2022
- by Jill Goldsmith
- Deadline Film + TV
Netflix co-ceo Reed Hastings declared during the streamer’s Q2 earnings interview on Tuesday that linear television will go the way of the dinosaur within the next decade.
“It’s definitely the end of linear TV over the next five to 10 years,” Hastings said while discussing Netflix’s financial and subscriber results on the pre-recorded Q&a, which came on the heels of the reveal that the streamer lost 970,000 subscribers in Q2. That loss was actually a win for Netflix, which had originally expected to lose 2 million subscribers by the end of June 30.
Though very bold, Hastings’ thoughts on the state of linear television are hardly a shock given his position at the top of the world’s biggest streamer — and they carry forward data touted by Netflix earlier on Tuesday.
Click here to sign up for Variety‘s free Strictly Business newsletter covering earnings, financial and investment news, and more.
“It’s definitely the end of linear TV over the next five to 10 years,” Hastings said while discussing Netflix’s financial and subscriber results on the pre-recorded Q&a, which came on the heels of the reveal that the streamer lost 970,000 subscribers in Q2. That loss was actually a win for Netflix, which had originally expected to lose 2 million subscribers by the end of June 30.
Though very bold, Hastings’ thoughts on the state of linear television are hardly a shock given his position at the top of the world’s biggest streamer — and they carry forward data touted by Netflix earlier on Tuesday.
Click here to sign up for Variety‘s free Strictly Business newsletter covering earnings, financial and investment news, and more.
- 7/19/2022
- by Jennifer Maas
- Variety Film + TV
Netflix is angling to win over a new bloc of value-conscious consumers — and help turn around its declining subscriber numbers — with a new ad-supported streaming package set to debut in early 2023.
The company, in announcing Q2 earnings, said it’s targeting the launch of the ad-supported plan “around the early part of 2023.”
“We’ll likely start in a handful of markets where advertising spend is significant,” Netflix said in its Q2 letter to shareholders. “Like most of our new initiatives, our intention is to roll it out, listen and learn, and iterate quickly to improve the offering. So, our advertising business in a few years will likely look quite different than what it looks like on day one.”
Netflix has not revealed pricing for the ad-supported plan, but it’s promised to be less than the streamer’s most popular plan without any commercials: the Standard package (15.49/month in the U.
The company, in announcing Q2 earnings, said it’s targeting the launch of the ad-supported plan “around the early part of 2023.”
“We’ll likely start in a handful of markets where advertising spend is significant,” Netflix said in its Q2 letter to shareholders. “Like most of our new initiatives, our intention is to roll it out, listen and learn, and iterate quickly to improve the offering. So, our advertising business in a few years will likely look quite different than what it looks like on day one.”
Netflix has not revealed pricing for the ad-supported plan, but it’s promised to be less than the streamer’s most popular plan without any commercials: the Standard package (15.49/month in the U.
- 7/19/2022
- by Todd Spangler
- Variety Film + TV
Netflix disclosed that it took a 70 million charge for severance costs in the second quarter, as the company adjusts its operating model for slower top-line growth.
Netflix made several rounds of layoffs in the second quarter. On June 23, the company said it laid off 300 employees, as first reported by Variety. That came after it let go about 150 staffers in May and in April laid off about 25 employees in its marketing group, including many on its Tudum fan-focused content team.
The company announced the restructuring charge as part of releasing Q2 2022 results on Tuesday. Netflix subscriber losses came in lower than forecast, with the streamer shedding 970,000 net customers in the period compared with its previous guidance of a loss of 2 million.
Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.
“We’ve adjusted our cost structure for our current rate of revenue growth,...
Netflix made several rounds of layoffs in the second quarter. On June 23, the company said it laid off 300 employees, as first reported by Variety. That came after it let go about 150 staffers in May and in April laid off about 25 employees in its marketing group, including many on its Tudum fan-focused content team.
The company announced the restructuring charge as part of releasing Q2 2022 results on Tuesday. Netflix subscriber losses came in lower than forecast, with the streamer shedding 970,000 net customers in the period compared with its previous guidance of a loss of 2 million.
Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.
“We’ve adjusted our cost structure for our current rate of revenue growth,...
- 7/19/2022
- by Todd Spangler
- Variety Film + TV
Netflix laid off around 300 staffers on Thursday, the latest round of layoffs since the streamer last month let go of 150 employees from its workforce of approximately 11,000 globally.
“Today we sadly let go of around 300 employees,” a Netflix spokesperson said in a statement. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
The staffers impacted are based in the U.S., as well as Apac, Latam and Emea.
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Netflix ‘Deeply Saddened’ Over ‘The Chosen One’ Car Crash That Left 2 Dead, 6 Injured
After Netflix revealed in its Q1 earnings this spring that it lost 200,000 subscribers and was projected to lose another 2 million in the year, the company’s stock price has plummeted nearly 70 in value,...
“Today we sadly let go of around 300 employees,” a Netflix spokesperson said in a statement. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
The staffers impacted are based in the U.S., as well as Apac, Latam and Emea.
Also Read:
Netflix ‘Deeply Saddened’ Over ‘The Chosen One’ Car Crash That Left 2 Dead, 6 Injured
After Netflix revealed in its Q1 earnings this spring that it lost 200,000 subscribers and was projected to lose another 2 million in the year, the company’s stock price has plummeted nearly 70 in value,...
- 6/23/2022
- by Brian Welk
- The Wrap
Click here to read the full article.
Netflix has cut an additional 300 employees — around 3 percent of its workforce — marking the latest round of major layoffs at the beleaguered streaming giant.
“Both Ted and I regret not seeing our slowing revenue growth earlier so we could have ensured a more gradual readjustment of the business,” read a note sent to staff on Thursday from Netflix co-chiefs Reed Hastings and Ted Sarandos.
About 216 staffers impacted were in the United States; 30 employees were cut in Asia-Pacific countries; 53 in Europe, the Middle East and Africa; and 17 in Latin America, the memo stated.
“We know these two rounds of layoffs have been very hard for everyone — creating a lot of anxiety and uncertainty. We plan to return to a more normal course of business going forward. And as we cut back in some areas, we also continue to invest significant amounts in our content and people: over the next 18 months,...
Netflix has cut an additional 300 employees — around 3 percent of its workforce — marking the latest round of major layoffs at the beleaguered streaming giant.
“Both Ted and I regret not seeing our slowing revenue growth earlier so we could have ensured a more gradual readjustment of the business,” read a note sent to staff on Thursday from Netflix co-chiefs Reed Hastings and Ted Sarandos.
About 216 staffers impacted were in the United States; 30 employees were cut in Asia-Pacific countries; 53 in Europe, the Middle East and Africa; and 17 in Latin America, the memo stated.
“We know these two rounds of layoffs have been very hard for everyone — creating a lot of anxiety and uncertainty. We plan to return to a more normal course of business going forward. And as we cut back in some areas, we also continue to invest significant amounts in our content and people: over the next 18 months,...
- 6/23/2022
- by J. Clara Chan
- The Hollywood Reporter - Movie News
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