## Netflix’s Bull is Starting to Worry

Former Netflix “raging bull” Tom Rogers is cooling on the streaming giant. Here’s a breakdown of his concerns:

• Slowing Engagement: While Netflix still has more hit shows, the amount of time viewers spend watching per subscriber is declining.
• YouTube Competition: YouTube is a major competitor, accounting for a significant portion of total TV viewership, even surpassing Netflix in some metrics.
• Earnings vs. Engagement: Although Netflix had a positive quarterly report, Rogers emphasizes that engagement drives price increases and programming budgets.
• Stock Dip: Despite the positive earnings, Netflix’s stock has declined since its report.
• AI’s Double-Edged Sword: Rogers believes AI will help Netflix with advertising and cost-cutting, but it will also empower independent content creators, benefiting YouTube.
• Still Valuable, But…: Rogers still sees Netflix as the most valuable media company, but he’s watching for a potential slowdown.

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