## Netflix’s Bull is Starting to Worry

Former NBC Cable President Tom Rogers, once a staunch Netflix bull, is starting to express concerns about the streaming giant’s future. Here’s a breakdown of his evolving perspective:

• Shifting Sentiment: Rogers, previously a strong advocate for Netflix, is now dialing back his bullishness.
• YouTube Competition: He cites the rise of free content on YouTube as a significant headwind for Netflix.
• Engagement Concerns: While Netflix still has more hit shows, Rogers notes a decline in viewing time per subscriber, despite a large subscriber base.
• Nielsen Data: Although Netflix saw the largest monthly viewership increase in June, YouTube accounted for a larger share of total TV viewership.
• Earnings vs. Engagement: Rogers acknowledges Netflix’s positive quarterly report but emphasizes that engagement is crucial for driving price increases and programming budgets.
• Stock Performance: Despite a strong earnings report, Netflix’s stock has declined since, and is down from its record high.
• AI’s Double-Edged Sword: Rogers believes AI will help Netflix with targeted advertising and cost-cutting, but also empower independent content creators, benefiting YouTube.
• YouTube’s Advantage: He predicts AI will blur the lines between professional and amateur content, potentially boosting YouTube’s viewership.
• Still the Leader: Rogers still sees Netflix as the most valuable media company, but warns that the trends are “something to watch for sure.”

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