## Netflix’s Reign: Is the Streaming Giant Losing Steam?

Former Netflix bull, Tom Rogers, is starting to have second thoughts about the streaming giant. While he still sees Netflix as a leader, he’s pointing to some concerning trends. Here’s a breakdown:

• Changing Tune: Rogers, once a staunch Netflix supporter, is now expressing caution.
• YouTube’s Rise: He highlights YouTube’s growing viewership, which is eating into Netflix’s engagement time. YouTube accounts for 13% of total monthly TV viewership, while Netflix has 8%.
• Engagement Matters: Rogers emphasizes that engagement (viewing time) is crucial for Netflix’s success, driving price increases and programming budgets.
• Stock Dip: Despite a positive quarterly report, Netflix’s stock has declined since its earnings release.
• AI’s Impact: Rogers sees AI as a “double-edged sword,” potentially benefiting YouTube by enabling independent creators to produce professional-quality content.
• Still the Leader: Rogers still believes Netflix is the most valuable media company, but warns of a potential slowdown.

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