Netflix prospered at the beginning of the pandemic, but now rivals like Disney and Apple have gained ground. Can the market leader with more than 200 million paid subscribers reassert its dominance?
A new wave of content might be just what Netflix Inc. needs to revive sales after a pandemic bump turned into a slump.
Truist Securities analyst Matthew Thornton expects the content slate to improve in the third quarter with shows like “Fear Street” and “Money Heist” and hit its stride in the fourth quarter with “Cobra Kai,” “The Witcher” and movies like Dwayne Johnson’s “Red Notice,” before new seasons of “Stranger Things,” “Ozark,” “The Crown” and “Bridgerton” hit in 2022.
To ply the pump, Netflix recently signed content deals with Hollywood legend Steven Spielberg and TV icon Shonda Rhimes, the creator/head writer/executive producer of Netflix’s popular original series “Bridgerton,” as well as ABC’s “Grey’s Anatomy,” its spinoff “Private Practice,” and the political thriller “Scandal.”Original content is sizzling across streaming services that are trying to rival Netflix.
What to expect Earnings: Analysts on average expect Netflix to report earnings of $3.18 a share, up from $1.59 a share a year ago. Analysts were projecting $2.70 a share at the end of March. Stock movement: Netflix’s stock is flat so far this year, while the S&P 500 index SPX has increased 16%. With streaming services opening the spigot on productions, and Netflix promising more than 70 movies this year, analysts like Cowen’s John Blackledge expect Netflix’s engagement with consumers to remain high. He maintained an outperform rating and price target of $650 a share in a June 30 note to clients.Netflix is still considered the king of content among video platforms despite ballooning investments by Disney, Apple, and HBO Max, according to Cowen’s survey of 2,500 U.S. consumers.
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