Netflix is making a lot of money, but is increasingly boring more and more customers - and Wall Street is alarmed
The streaming giant is significantly increasing its profit and revenue, but not the number of hours its users spend on the platform. A new "content" chief is now supposed to provide new hits on the scale of "Stranger Things" and lure them back.
Netflix has reported a 12% increase in revenue to $12.9 billion and a 44% rise in profit to $3.7 billion for the July-September quarter. However, the company's stock fell 5% in after-hours trading as investors were disappointed by the stagnation in the number of hours users spend on the platform. Netflix has lost 45% of its value over the past year and has faced criticism for producing too much mediocre content.
The company has appointed a new "content" chief, Peter Rice, a Disney veteran, to oversee its $20 billion budget for original productions and produce new hits to rival the success of "Stranger Things".
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
