## 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. Here’s a breakdown of his shifting perspective:

• Subscriber Growth Concerns: While Netflix still boasts more hit shows than competitors, Rogers notes a decline in viewing time per subscriber, despite overall viewership increases.
• YouTube’s Rise: Rogers points to YouTube’s significant share of total TV viewership (13%) compared to Netflix (8%), highlighting free content as a growing competitive headwind.
• Engagement is Key: Rogers emphasizes that engagement drives price increases, programming budgets, and ultimately, the quality of content.
• Stock Dip: Despite a positive quarterly report, Netflix’s stock has declined since its earnings release, indicating investor hesitation.
• AI’s Double-Edged Sword: Rogers sees AI as both a benefit (targeted advertising, cost-cutting) and a threat, as it empowers independent content creators, potentially boosting YouTube’s offerings.
• Still the Leader: Rogers still believes Netflix is the most valuable media company, but warns that the trends warrant close observation.

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