## Netflix’s Star is Dimming? A Former Bull Turns Cautious

Once a staunch advocate for Netflix, former NBC Cable President Tom Rogers is now expressing some concerns about the streaming giant’s future. Here’s a breakdown of his evolving perspective:

• Shifting Sentiment: Rogers, previously a “raging bull” on Netflix, is now more cautious.
• YouTube’s Ascent: He points to increasing competition from free content on YouTube as a significant headwind. While Netflix still has more hit shows, YouTube is capturing a larger share of overall viewing time.
• Engagement Concerns: Despite a positive quarterly report, Rogers highlights that the amount of viewing per Netflix subscriber has decreased, which could impact future price increases and programming budgets.
• Stock Dip: Netflix’s stock has declined since its recent earnings report, despite beating expectations.
• AI’s Double-Edged Sword: Rogers believes AI will both benefit and challenge Netflix. While it can aid targeted advertising and reduce costs, it also empowers independent content creators, potentially boosting YouTube’s programming quality.
• Still the Leader: Rogers still views Netflix as the most valuable media company, but suggests its dominance is something to monitor closely.

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