## Netflix’s Bull is Starting to Worry

Former NBC Cable President Tom Rogers, once a staunch Netflix bull, is now expressing some concerns about the streaming giant. 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 competition from free content on YouTube as a significant headwind.
• Engagement Concerns: While Netflix still has more hit shows, Rogers notes that viewing time per subscriber is declining.
• Nielsen Data: Although Netflix saw the largest monthly viewership increase in June, YouTube accounted for a larger share of total TV viewership.
• Positive Earnings, Negative Stock: Netflix delivered a positive quarterly report, but its stock has declined since.
• 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.
• Still the Leader: Despite his concerns, Rogers still sees Netflix as the most valuable media company.

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