## Netflix’s Future: A Reality Check from a Former Bull

Once a staunch advocate for Netflix, former NBC Cable President Tom Rogers is now expressing some concerns about the streaming giant’s future. While still optimistic, Rogers points to several factors that could slow down Netflix’s growth.

• Shifting Sentiment: Rogers, previously a “raging bull” on Netflix, is now more cautious.
• YouTube’s Rise: He highlights the growing competition from free content on YouTube, which is capturing a significant portion of total TV viewership.
• Engagement Concerns: Despite strong earnings, Rogers worries about declining viewing time per subscriber, which impacts pricing and programming budgets.
• Stock Dip: Netflix’s stock has declined since its positive second-quarter earnings report, despite beating estimates.
• AI’s Impact: Rogers sees AI as a “double-edged sword,” potentially aiding Netflix’s advertising and cost-cutting but also empowering independent content creators on platforms like YouTube.
• Still the Leader: Rogers still believes Netflix will remain the most valuable media company, but warns of potential slowdown.

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