By the end of Netflix’s 45-minute earnings interview on Thursday, its stock was down more than 20% and a pall had been cast over the entertainment industry.
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Netflix dashed hopes for a quick rebound after forecasting weak first-quarter subscriber growth on Thursday, sending shares sinking nearly 20%.
Netflix will make a deeper dive into videogames as the movie and TV streaming service projects weak subscriber growth amid growing competition and the lifting of pandemic restrictions.
Whatever Netflix’s second quarter results show, it’s clear that the Covid-19 crisis is fortifying the company’s lead in streaming TV entertainment.
Walt Disney Co is pricing a new bundle of streaming services at a surprisingly low $12.99/month, challenging Netflix with a package that includes family programming, live sports and a deep library of television shows.