Name: What Netflix’s Latest Report Tells Us About Streaming Future
Uploaded: 2024-04-26T18:24:00Z
Duration: 2 min 24 s
Description: Netflix will stop reporting subscriber numbers next year to focus on revenue. Heard on the Street deputy editor Aaron Back breaks down Netflix’s lead in the streaming wars and what investors are watching now. Photo: Gabby Jones/Bloomberg News

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Netflix will stop reporting subscriber numbers next year to focus on revenue. Heard on the Street deputy editor Aaron Back breaks down Netflix’s lead in the streaming wars and what investors are watching now. Photo: Gabby Jones/Bloomberg News

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What Netflix’s Latest Report Tells Us About Streaming Future

The Netflix success story up until now has been all about subscriber growth. But one of the big headlines was that they're gonna stop disclosing the number of subscribers that they have starting next year. This is "Heard on the Street," and today we're gonna talk about Netflix. Let's get into what has been driving Netflix's growth over its competitors, and what their latest quarterly results told us about that story. A big part of what has been driving this paid subscriber growth has been a crackdown on password sharing. Starting in the second quarter of 2023 about Netflix started serving what it calls interventions to people who are sharing across households. And you can see here, there's really a dramatic impact on the pace of subscriber growth. This is a chart of annual subscriber numbers, and the orange is analyst projections. And as you can see, analysts are expecting a lot of growth in subscribers, and that's part of why they've been bullish on the stock. A lot of them were none too happy when Netflix said, "Look, we're not even gonna be disclosing this number at all anymore." And that was behind the sharp sell-off in stock after their latest quarterly report. One analyst said in a note that it's effectively gonna become a black box. But really, what this means in the end, is that there's gonna be more pressure on Netflix to perform on its revenue metrics. And that means on advertising as well as subscriber growth. This chart shows analyst projections in orange. Analysts see that going up partly because of a new ad-supported tier that Netflix has introduced. So this is a cheaper plan. But, it actually generates more revenue per user despite the lower cost. And you can see that analysts expects the ad plans to be contributing a greater and greater share of revenue going forward. Meanwhile, Netflix retains a huge financial advantage against all its rivals. This financial pressure by the way, is why there have been merger discussions around Paramount for example. This is one reason why some of their rivals are starting to offer some of their premium content to Netflix for cash. Again, recent example is "Sex and the City," which is an HBO show, it's owned by Warner Discovery, but it's on Netflix. That's just a sign of the times that Netflix, with its subscriber advantage, with its financial advantage, has a leverage to get this content from its rivals. That is gonna help Netflix going forward keep growing subscribers, keep being the place to be for streaming.