There's Still Nothing Even Close to Netflix
With all major streaming apps having been launched, the battleground is now set. It’s still Netflix’s fight to lose.
There's Netflix, and then there's everyone else.
Photographer: Krisztian Bocsi/BloombergWhile investors weren’t pleased with the growth outlook Netflix Inc. gave Thursday, it’s still clear that the Covid-19 crisis is fortifying the company’s lead in streaming-TV entertainment. Other services that have been trying to build audiences in recent weeks and months — Disney+, HBO Max, Peacock, Quibi — are merely competing for second place.
Netflix reported second-quarter results after the market closed, with subscriber growth numbers the focal point once again, alongside a surprise management announcement: Ted Sarandos, 55, Netflix’s longtime overseer of content, was named co-CEO. “This change makes formal what was already informal— that Ted and I share the leadership of Netflix,” Reed Hastings, Netflix’s 59-year-old founder, wrote in his quarterly letter. It's true, they are seen as the joint leaders of Netflix, and this marks a sensible step in succession planning.