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Dita
2021-11-02

Not only households but hotels are switching from cable to streaming services (like a hotel I stayed in recently), and those corporate consumers of services like Netflix may be the backbone of future earnings.

Netflix's Squid Game Success, The Content Slate, And The Challenges To Look Out For

Summary Netflix reported better-than-expected subscriber additions for the third quarter, and there

Netflix's Squid Game Success, The Content Slate, And The Challenges To Look Out For

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":843381001,"tweetId":"843381001","gmtCreate":1635808709712,"gmtModify":1635817222511,"author":{"id":3586570913312333,"authorId":3586570913312333,"authorIdStr":"3586570913312333","name":"Dita","avatar":"https://static.tigerbbs.com/65d7d6dfd0f69d1147ebd56a8f6651f5","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":10,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Not only households but hotels are switching from cable to streaming services (like a hotel I stayed in recently), and those corporate consumers of services like Netflix may be the backbone of future earnings.&nbsp;</body></html>","htmlText":"<html><head></head><body>Not only households but hotels are switching from cable to streaming services (like a hotel I stayed in recently), and those corporate consumers of services like Netflix may be the backbone of future earnings.&nbsp;</body></html>","text":"Not only households but hotels are switching from cable to streaming services (like a hotel I stayed in recently), and those corporate consumers of services like Netflix may be the backbone of future earnings.","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/843381001","repostId":1181793586,"repostType":4,"repost":{"id":"1181793586","pubTimestamp":1635780969,"share":"https://www.laohu8.com/m/news/1181793586?lang=&edition=full","pubTime":"2021-11-01 23:36","market":"us","language":"en","title":"Netflix's Squid Game Success, The Content Slate, And The Challenges To Look Out For","url":"https://stock-news.laohu8.com/highlight/detail?id=1181793586","media":"Seeking Alpha","summary":"Summary\n\nNetflix reported better-than-expected subscriber additions for the third quarter, and there","content":"Summary\n<ul>\n <li>Netflix reported better-than-expected subscriber additions for the third quarter, and there's reason to be excited about the upcoming quarter too.</li>\n <li>The global success of the Korean drama Squid Game hints at what the company might achieve in the future.</li>\n <li>A quick look at the content slate for Q4 gives hope of a strong end to 2021, but there are certain risks that need to be monitored closely.</li>\n</ul>\n<img src=\"https://static.tigerbbs.com/3d15e665683f38140bba2ff9832aa711\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\">wutwhanfoto/iStock Editorial via Getty Images\nI was late to the Netflix, Inc.(NASDAQ:NFLX)party. Until last April, I always thought Netflix might be overvalued, but thankfully, follow-up research on Netflix and the OTT streaming industry helped me realize that Netflix was unduly punished back in April. This is why we added Netflix stock to our model growth portfolio at Leads From Gurus, at a cost per share of $508 in April, and needless to say, things have been going pretty well for us ever since. Because of the recent strength in Netflix stock price, I thought it best to revisit Netflix to determine whether there is more upside from the current market price. My findings reveal that Netflix has a bright future ahead, but having said that, I'm not comfortable adding to my position at these prices.\nKey takeaways from Netflix's third-quarter earnings\nNetflix has truly evolved from a small DVD rental provider to a dominant streaming service provider with its user-friendly features such as downloads, low-priced mobile plans in certain regions, and the solid content slate across a wide variety of genres and languages which can be viewed on internet-connected devices including televisions, computers, and smartphones. As a company with a fortified international footprint, the streaming giant&nbsp;added&nbsp;an impressive 4.4 million new subscribers in the third quarter, beating management’s expectation for 3.5 million net subscriber additions. The company now has a subscriber base of 213.56 million which I believe will continue to grow because of its strong content slate, despite the growing competition from the likes of Apple TV+, Disney+, Amazon Prime Video, Hulu, YouTube, and HBO.\nNetflix reported revenue of $7.48 billion for the third quarter representing a 16.3% year-over-year growth. Rapid international expansion paid off for Netflix and its focus on regional programming has been a key catalyst in driving the cause, after its discovery that local originals were the most popular titles in India, Korea, Japan, Turkey, Thailand, Sweden, and the United Kingdom in 2019. In addition, the company has partnered with telcos like Telefonica in Spain, KDDI in Japan, AT&amp;T(NYSE:T)in the United States, Canal+ in France, and Sky in the U.K. to expand its target market, which is proving to be a high-yielding strategic move.\nThe Asia Pacific region proved to be the largest contributor to Netflix’s subscriber growth, contributing to more than half (2.1 million) of new subscriber additions, and the launch of low-priced mobile plans in India, Indonesia, Malaysia, Philippines, and Thailand could be viewed as one of the main reasons behind this strength in international markets. The company’s focus on original and high-quality content in various genres has given more theatrical exposure to its subscribers, which could be viewed as another major reason behind the strong growth in subscribers.\nThe Squid Game effect and the strong content slate\nThe Netflix showSquid Gamewhich has apparently cost $21.4 million to produce became a global hit over the last six weeks and is now one of Netflix’s most valuable franchises with an impact value of at least&nbsp;$891 million. Squid Game’s storyline shows how indebted citizens are played against one another in a set of children’s games where losers die, and the winner walks away with millions in cash. As the company claims, the breadth of Squid Game’s popularity is truly amazing with 142 million accounts watching at least the first two minutes of the show in its first month, making it the number one program in 94 countries, including the United States. This fascinating phenomenon of how a single hit show can attract subscribers has erased the company’s earlier concerns about the slowdown in the company's new content pipeline resulting from pandemic-related challenges. Squid Game is likely to make a notable positive impact on corporate earnings in the fourth quarter as well, given that the TV show is still among the Top 10 TV shows in many regions, including the United Arab Emirates where I live.\nThe most recent Nielsen streaming ratings (for the week ended October 3) confirm Netflix's undisputed leadership across original, acquired, and movies categories.\nExhibit 1: The top 10 programs based on the number of streaming minutes\n<img src=\"https://static.tigerbbs.com/575ba0c5c225f04a784522bb0f42fc8e\" tg-width=\"640\" tg-height=\"206\" width=\"100%\" height=\"auto\">Source: Nielsen\nSquid Game, as you can see above, is setting records, and this goes on to show that high-quality content can attract eyeballs globally (because we are looking at data for the United States) regardless of where such content is filmed or produced in. This success, in my opinion, will pave the way for Netflix to retain its dominance of the global streaming industry for much longer by focusing on internationally produced content. The success of Squid Game coupled with the strong subscriber additions in the Asia Pacific region highlights the long runway for growth available for Netflix in this populous region as well.\nIn addition to Squid Game, new seasons of popular series such asLa Casa de Papel(aka Money Heist), Sex Education, Virgin River,Never Have I Ever,and movies such asSweet Girl, Kissing Booth 3,and&nbsp;Kate&nbsp;and&nbsp;Vivo&nbsp;all helped Netflix add higher-than-expected subscribers in the most recent quarter.\nOn September 20, Netflix announced that it won a total of 44 Emmys this year withThe Crownwinning 11 awards, including the awards for the best drama series as well as best direction and writing for a drama series. Not only are these wins a testament to the quality of Netflix's content slate but also speak volumes of how the entertainment industry is changing.\nExhibit 2: Number of nominations and wins for Netflix original programs at the Primetime Emmy Awards from 2013 to 2021\n<img src=\"https://static.tigerbbs.com/a727e4300e69e5c57fb743f344591102\" tg-width=\"640\" tg-height=\"382\" width=\"100%\" height=\"auto\">Source: Statista\nNetflix has a very strong content slate scheduled for the fourth quarter as well, and I am optimistic about the company carrying forward the momentum that we saw in Q3 to the next quarter.\n<img src=\"https://static.tigerbbs.com/22653b78b9d5e0688768e7b7b2a66bf2\" tg-width=\"904\" tg-height=\"580\" width=\"100%\" height=\"auto\">Source: Netflix Q3 shareholder letter\nNetflix is certainly on the right path from a content perspective, but then again, investors need to account for the costs associated with the production of this original content as well. More on this below.\nChallenges to look out for\nWith both well established and new players ramping up efforts to expand their subscriber base given the growth and the scope of the streaming market, competition from the likes of Apple TV+, Amazon Prime Video, HBO Max, Disney+ and new entrants such as Peacock can be expected to be a major headwind for Netflix in the future. Many of these companies are investing in creating high-quality original content, which is an ominous sign for Netflix given the brand value associated with the assets owned by entertainment giants such as HBO and The Walt Disney Company(NYSE:DIS). On the other hand, Meta Platforms, Inc.(NASDAQ:FB), Snap Inc.(NYSE:SNAP), and Twitter, Inc.(NYSE:TWTR)are all making efforts to improve video viewing on their platforms as well, which could prove to be a threat to Netflix given that short-form video content is gaining traction fast in every corner of the world.\nAlthough I am not concerned about one of these competitors eating into Netflix's market share in the short run, I do believe that this growing competition will lead to an escalation of operating costs for Netflix while making it difficult for the company to bring down the debt on its balance sheet. Even in the third quarter, operating costs were driven higher by aggressive technology investments in original content and rising marketing expenses (increased 20.5% year-over-year) to conserve market share amidst intensifying competition.\nTakeaway\nTrading at a&nbsp;forward price-to-earnings ratio of 64, Netflix is certainly not cheaply valued in the market. That being said, I believe the company has a long runway for growth and its dominating position in the fast-growing OTT streaming industry somewhat justifies the high valuation multiples attached to the company. I am, however, not comfortable adding to my position at the current price level, but at the same time, I find no reason to book my gains just yet given that the company is still getting started in Asia.","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Netflix's Squid Game Success, The Content Slate, And The Challenges To Look Out For</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNetflix's Squid Game Success, The Content Slate, And The Challenges To Look Out For\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-01 23:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4464067-netflixs-squid-game-success-the-content-slate-and-the-challenges-to-look-out-for>Seeking Alpha</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nSummary\n\nNetflix reported better-than-expected subscriber additions for the third quarter, and there's reason to be excited about the upcoming quarter too.\nThe global success of the Korean drama Squid...\n\n<a href=\"https://seekingalpha.com/article/4464067-netflixs-squid-game-success-the-content-slate-and-the-challenges-to-look-out-for\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://seekingalpha.com/article/4464067-netflixs-squid-game-success-the-content-slate-and-the-challenges-to-look-out-for","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181793586","content_text":"Summary\n\nNetflix reported better-than-expected subscriber additions for the third quarter, and there's reason to be excited about the upcoming quarter too.\nThe global success of the Korean drama Squid Game hints at what the company might achieve in the future.\nA quick look at the content slate for Q4 gives hope of a strong end to 2021, but there are certain risks that need to be monitored closely.\n\nwutwhanfoto/iStock Editorial via Getty Images\nI was late to the Netflix, Inc.(NASDAQ:NFLX)party. Until last April, I always thought Netflix might be overvalued, but thankfully, follow-up research on Netflix and the OTT streaming industry helped me realize that Netflix was unduly punished back in April. This is why we added Netflix stock to our model growth portfolio at Leads From Gurus, at a cost per share of $508 in April, and needless to say, things have been going pretty well for us ever since. Because of the recent strength in Netflix stock price, I thought it best to revisit Netflix to determine whether there is more upside from the current market price. My findings reveal that Netflix has a bright future ahead, but having said that, I'm not comfortable adding to my position at these prices.\nKey takeaways from Netflix's third-quarter earnings\nNetflix has truly evolved from a small DVD rental provider to a dominant streaming service provider with its user-friendly features such as downloads, low-priced mobile plans in certain regions, and the solid content slate across a wide variety of genres and languages which can be viewed on internet-connected devices including televisions, computers, and smartphones. As a company with a fortified international footprint, the streaming giant added an impressive 4.4 million new subscribers in the third quarter, beating management’s expectation for 3.5 million net subscriber additions. The company now has a subscriber base of 213.56 million which I believe will continue to grow because of its strong content slate, despite the growing competition from the likes of Apple TV+, Disney+, Amazon Prime Video, Hulu, YouTube, and HBO.\nNetflix reported revenue of $7.48 billion for the third quarter representing a 16.3% year-over-year growth. Rapid international expansion paid off for Netflix and its focus on regional programming has been a key catalyst in driving the cause, after its discovery that local originals were the most popular titles in India, Korea, Japan, Turkey, Thailand, Sweden, and the United Kingdom in 2019. In addition, the company has partnered with telcos like Telefonica in Spain, KDDI in Japan, AT&T(NYSE:T)in the United States, Canal+ in France, and Sky in the U.K. to expand its target market, which is proving to be a high-yielding strategic move.\nThe Asia Pacific region proved to be the largest contributor to Netflix’s subscriber growth, contributing to more than half (2.1 million) of new subscriber additions, and the launch of low-priced mobile plans in India, Indonesia, Malaysia, Philippines, and Thailand could be viewed as one of the main reasons behind this strength in international markets. The company’s focus on original and high-quality content in various genres has given more theatrical exposure to its subscribers, which could be viewed as another major reason behind the strong growth in subscribers.\nThe Squid Game effect and the strong content slate\nThe Netflix showSquid Gamewhich has apparently cost $21.4 million to produce became a global hit over the last six weeks and is now one of Netflix’s most valuable franchises with an impact value of at least $891 million. Squid Game’s storyline shows how indebted citizens are played against one another in a set of children’s games where losers die, and the winner walks away with millions in cash. As the company claims, the breadth of Squid Game’s popularity is truly amazing with 142 million accounts watching at least the first two minutes of the show in its first month, making it the number one program in 94 countries, including the United States. This fascinating phenomenon of how a single hit show can attract subscribers has erased the company’s earlier concerns about the slowdown in the company's new content pipeline resulting from pandemic-related challenges. Squid Game is likely to make a notable positive impact on corporate earnings in the fourth quarter as well, given that the TV show is still among the Top 10 TV shows in many regions, including the United Arab Emirates where I live.\nThe most recent Nielsen streaming ratings (for the week ended October 3) confirm Netflix's undisputed leadership across original, acquired, and movies categories.\nExhibit 1: The top 10 programs based on the number of streaming minutes\nSource: Nielsen\nSquid Game, as you can see above, is setting records, and this goes on to show that high-quality content can attract eyeballs globally (because we are looking at data for the United States) regardless of where such content is filmed or produced in. This success, in my opinion, will pave the way for Netflix to retain its dominance of the global streaming industry for much longer by focusing on internationally produced content. The success of Squid Game coupled with the strong subscriber additions in the Asia Pacific region highlights the long runway for growth available for Netflix in this populous region as well.\nIn addition to Squid Game, new seasons of popular series such asLa Casa de Papel(aka Money Heist), Sex Education, Virgin River,Never Have I Ever,and movies such asSweet Girl, Kissing Booth 3,and Kate and Vivo all helped Netflix add higher-than-expected subscribers in the most recent quarter.\nOn September 20, Netflix announced that it won a total of 44 Emmys this year withThe Crownwinning 11 awards, including the awards for the best drama series as well as best direction and writing for a drama series. Not only are these wins a testament to the quality of Netflix's content slate but also speak volumes of how the entertainment industry is changing.\nExhibit 2: Number of nominations and wins for Netflix original programs at the Primetime Emmy Awards from 2013 to 2021\nSource: Statista\nNetflix has a very strong content slate scheduled for the fourth quarter as well, and I am optimistic about the company carrying forward the momentum that we saw in Q3 to the next quarter.\nSource: Netflix Q3 shareholder letter\nNetflix is certainly on the right path from a content perspective, but then again, investors need to account for the costs associated with the production of this original content as well. More on this below.\nChallenges to look out for\nWith both well established and new players ramping up efforts to expand their subscriber base given the growth and the scope of the streaming market, competition from the likes of Apple TV+, Amazon Prime Video, HBO Max, Disney+ and new entrants such as Peacock can be expected to be a major headwind for Netflix in the future. Many of these companies are investing in creating high-quality original content, which is an ominous sign for Netflix given the brand value associated with the assets owned by entertainment giants such as HBO and The Walt Disney Company(NYSE:DIS). On the other hand, Meta Platforms, Inc.(NASDAQ:FB), Snap Inc.(NYSE:SNAP), and Twitter, Inc.(NYSE:TWTR)are all making efforts to improve video viewing on their platforms as well, which could prove to be a threat to Netflix given that short-form video content is gaining traction fast in every corner of the world.\nAlthough I am not concerned about one of these competitors eating into Netflix's market share in the short run, I do believe that this growing competition will lead to an escalation of operating costs for Netflix while making it difficult for the company to bring down the debt on its balance sheet. Even in the third quarter, operating costs were driven higher by aggressive technology investments in original content and rising marketing expenses (increased 20.5% year-over-year) to conserve market share amidst intensifying competition.\nTakeaway\nTrading at a forward price-to-earnings ratio of 64, Netflix is certainly not cheaply valued in the market. That being said, I believe the company has a long runway for growth and its dominating position in the fast-growing OTT streaming industry somewhat justifies the high valuation multiples attached to the company. I am, however, not comfortable adding to my position at the current price level, but at the same time, I find no reason to book my gains just yet given that the company is still getting started in Asia.","news_type":1},"isVote":1,"tweetType":1,"viewCount":359,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["NFLX"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":176,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}