Apple Tries to Rein In Hollywood Spending After Years of Losses
The iPhone maker is starting to exert more control over its production partners
Actor Jason Sudeikis speaks during a news conference in the James S. Brady Press Briefing Room at the White House in Washington, DC, US, on Monday, March 20, 2023.
Photographer: Jim Lo Scalzo/EPANetflix extended its lead over fellow streaming services last quarter, adding another eight million customers and raising forecasts for both sales and profit margins. The company now has 277.7 million subscribers and reaches more than 600 million people around the world. Quarterly profit rose 44% from 2023 and is up more than sevenfold from 2019.
There is a growing sense in Hollywood and on Wall Street that Netflix has built an insurmountable lead. Management doesn’t see things this way considering the company only accounts for about 8% of TV viewership in the US. While that is more than twice the next-closest paid streaming service, it is a little behind YouTube. (It’s also behind several competitors in total viewing if you include broadcasting and cable.)