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

Former NBC Cable President Tom Rogers, once a staunch Netflix bull, is now expressing some concerns about the streaming giant’s future. While he acknowledges Netflix’s continued success, he points to several factors that could impact its growth. Here’s a breakdown:

• Shifting Perspective: Rogers, previously a strong advocate for Netflix, is now expressing caution.
• YouTube’s Rise: He highlights the growing competition from YouTube, particularly its free content, as a significant headwind. YouTube’s total viewership percentage is higher than Netflix’s.
• Engagement Concerns: Despite positive earnings, Rogers worries about declining viewer engagement per subscriber, which he believes is crucial for driving 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 sees AI as both a benefit (targeted advertising, cost reduction) and a threat (empowering independent content creators, potentially boosting YouTube’s programming quality).
• Still the Leader: Rogers still believes Netflix will remain the most valuable media company, but suggests its dominance is something to monitor closely.

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