Netflix Posts First Subscriber Loss Since 2011: Breaking Down the Falling Users, Plunging Market Cap & Major Production Deals 4/20/22

TechCheck

CNBC

Disruptors, Investing, Faang, Technology, Business, Management, Cnbc, Tech

4.8 • 56 Ratings

🗓️ 20 April 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our anchors begin today’s show with Netflix shares cratering after posting its first decline in subscribers since 2011, with insight from Bank of America Director of Equity Research Nat Schindler. Then, Former Amazon Studios Head of Strategy Matthew Ball weighs in on the platform’s plunging market cap, and CNBC’s Mike Santoli breaks down the Nasdaq sinking lower to start the morning. Next, Puck News Founding Partner Matthew Belloni looks at Netflix’s multimillion-dollar deals with major media producers in light of the day’s news. Later, crypto bank Silvergate Capital CEO Alan Lane joins after posting results that beat the Street’s expectations.

Transcript

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0:00.0	I'm Dearder Boza and you're listening to see MBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.7	Good Wednesday morning and welcome to Tech Check. I'm Julia Bstin with Brian Sullivan.
0:13.0	Carl John and Deiger are off.
0:15.0	CBC contributor Joanna Stern from the Wall Street Journal
0:18.6	is with us for the whole hour.
0:20.5	Let's start with what else?
0:22.1	Netflix shares a crush this morning on track for their
0:25.4	worst loss in about a decade. A re-rating of that stock as its core business model
0:29.8	is called into question. Subscriber is leaving the service amid increasing competition,
0:35.2	and despite those competitors like Apple and HBO taking share,
0:38.6	it is dragging down the entire media sector.
0:41.8	Today, a seismic shift in how investors view the
0:44.7	streaming business. So what's next if you hold this stock or you're thinking
0:48.9	about buying it here? What about Disney, Roku, Spotify, the new Discovery Warner Media?
0:54.6	And yes, Apple, Amazon, and Alphabet as well.
0:57.9	An ad supported tier, a crackdown on password sharing,
1:01.0	will it all be enough?
1:02.8	Brian, I know you subscribe to many of these services.
1:06.9	My question for you is, do you think that this is all an inflection point
1:11.4	where we're gonna see a shift into ad supported away from ad free streaming.
1:17.1	I don't know, but I will say this.
1:20.0	I think the comedian Jim Gaffigan had it and said it best when he said why don't all the
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