Netflix tumbled for a second day on Monday after the company’s weaker-than-expected subscriber forecast.
along the way, as part of a landgrab for cord cutters.
The pandemic didn't change the shift to streaming — it just hastened it. Millions of Americans cancel traditional pay TV each year. Focusing on an unbundled streaming product that allows consumers to watch wherever and whenever they want is a logical move for any media company.
"We see this Netflix quarter as a worrying data point for the rest of the streaming industry on multiple fronts," Nathanson, whose firm recommends holding Netflix shares, wrote in a note to clients after the report."The sell-off in Netflix's equity makes it much harder to use as a bullish comp in the media world."
In other words, if Netflix is now valued at $350 per share, should investors in Disney, ViacomCBS and Discovery also revalue those companies? That's what appears to be happening. Disney shares are down 11% since Netflix announced its fourth-quarter earnings, while shares of ViacomCBS have fallen more than 8%.and suggested the company consider shifting its focus from streaming to video games so it can offer a new growth story to reinvigorate shareholders.
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