Gloomy Netflix forecast erases much of stock's pandemic gains

LOS ANGELES - Netflix Inc dashed hopes for a quick rebound after forecasting weak first-quarter subscriber growth on Thursday, sending shares sinking nearly 20 percent and wiping away most of its remaining pandemic-fueled gains from 2020.

The world's largest streaming service projected it would add 2.5 million customers from January through March, less than half of the 5.9 million analysts had forecast, according to Refinitiv IBES data.

Netflix tempered its growth expectations, citing the late arrival of anticipated content, such as the second season of "Bridgerton," and the film "The Adam Project."

Shares of Netflix plummeted nearly 20 percent to $408.13 in after-hours trading. Competitor Walt Disney Co, which has staked its future on building a strong streaming business, saw its shares sink 4%. Streaming device Roku Inc fell 5 percent.

Netflix added 8.3 million customers from October to December, when it released a heavy lineup of new programming including the star-studded movies "Red Notice" and "Don't Look Up" and a new season of "The Witcher." Industry analysts had projected 8.4 million.

The company's global subscriber total at the end of 2021 reached 221.8 million.

In a letter to shareholders, Netflix said it believed the ongoing COVID-19 pandemic and economic hardships in several parts of the world like Latin America may have kept subscriber growth from rebounding to levels seen before the pandemic.

The company posted adjusted earnings per share of $1.33, crushing analyst consensus estimates of 82 cents. Revenue hit $7.71 billion, in line with estimates.

Netflix last week raised prices in its biggest market, the United States and Canada, where analysts say growth is stagnating, and is now looking for growth overseas.

The company rode a roller coaster during the pandemic, with steep growth early in 2020 when people were staying home and movie theaters were closed, followed by a slowdown in 2021. Netflix picked up more than 36 million customers in 2020, and 18.2 million in 2021.

Netflix's subscriber growth in 2022 had been expected to stabilize and return to the pace logged before the pandemic, when it added 27.9 million subscribers in 2019, analysts say. The company's upcoming slate includes new installments of "Ozark" and "Stranger Things" and a three-part Kanye West documentary.

But competitors including Disney and AT&T Inc's HBO Max, are pouring billions into creating new programming to grab a share of the streaming market.

Netflix said added competition "may be affecting our marginal growth some," but added that it was still growing in every country where new streaming options have launched.

"Even in a world of uncertainty and increasing competition, we’re optimistic about our long-term growth prospects as streaming supplants linear entertainment around the world," Netflix said in its shareholder letter.

The company is looking for new ways to attract customers including with mobile video games. The company said it released 10 games in 2021, was pleased with the early reception and would expand its gaming portfolio in 2022.

-reuters

No 'Squid Game': South Korea's real-life debt trap

SEOUL - Many small business owners in South Korea recognize themselves in the cash-strapped characters of the wildly popular Netflix drama 'Squid Game', who vie desperately for a chance to win $38 million, exposing a debt trap that is all too familiar.

Nearing retirement at 58, Yu Hee-sook paid off her debts long ago, but still gets calls from collection agencies threatening to seize her bank accounts, as the loans got securitized and sold to investors without her knowledge.

"In Korea, it's like the end of the world once you become a credit delinquent," said Yu, who got by on small jobs, such as writing for movie magazines, during the 13 years it took to pay off the debts she incurred over a movie that flopped in 2002.

"All I wanted was chances to repay debt, but banks don't let you make money," added Yu, who feels trapped in an unforgiving life-long ordeal, just like the 456 game show contestants of the 'Squid Game'.

While foreigners may associate South Korea with the boyband BTS and sleek Samsung smartphones, the drama points to a dark flipside of rising personal borrowing, the highest suicide rate among advanced nations, and the rarity of getting free of debt.

Record household borrowing is fueling private investment and housing growth, but unforgiving social mores about debt often blur the line between personal and business loans, burdening those who run small businesses.

Personal bankruptcies soared to a five-year high of 50,379 last year, court filings show.

The proportion of those falling behind on more than one type of personal debt payment has risen steadily to reach 55.47% by June from 48% in 2017, figures from the Korea Credit Information Services show.

"If Donald Trump was a Korean, he probably couldn't have become the president, having been bankrupted many times," said a lawyer in Seoul, who specializes in personal bankruptcy.

"In the United States, corporate debt is more separated from personal debt."

An inadequate social safety net for small entrepreneurs and the lack of a rehabilitation program for failures spell risks that could drive some South Koreans desperate, and banks often ignore a five-year limit to destroy insolvency records.

"Due to traditional practices in the banking industry, business owners in South Korea face high likelihood of taking the debt burden from the business they run," said bankruptcy judge Ahn Byung-wook.

Banks often demand that business owners stand as joint surety for the firm's borrowing, a practice the government banned for public financial institutions in 2018, although three owners told Reuters some providers persist.

Applicants for business loans who have poor credit ratings or a history of default need guarantees from state-run financial institutions in South Korea.

"Culturally, failed entrepreneurs are socially stigmatized, so starting over is hard, as people don't trust them," added Ahn, who has spent four years at the Seoul Bankruptcy Court.

"On top of that, those who file personal bankruptcy face a long list of restrictions on employment."

The numbers of South Korea's self-employed rank among the world’s highest, forming a quarter of the job market, making it vulnerable to downturns. A central bank study in 2017 showed that just 38% of such businesses survive three years.

Still, as economic prospects dwindle, with South Koreans chasing fewer good jobs amid surging home prices, many are betting that speculation is the only route to wealth, and have taken on more debt than ever to buy stocks and other assets.

Household borrowing is roughly equivalent to GDP at a record 1,806 trillion won ($1.54 trillion) in the June quarter.

"The government encourages startups but they don't take care of the failed businesses," said Ryu Kwang-han, a 40-year old entrepreneur who exited the debtor rehabilitation program in 2019 but still struggles to get loans.

"How is this different from 'Squid Game' if there's no second chances?"

The global sensation has been watched by 142 million households since its Sept. 17 debut, the world's largest streaming service has said, helping Netflix to add 4.38 million subscribers.

-reuters

Chill your Netflix habit, climate experts say

PARIS, France — Movie nights once required driving to the local video store to rent, rewind and return the latest blockbuster. Now on-demand video content providers offer countless binge-worthy options at the touch of a finger.

But experts say the ease of streaming services comes with a hefty environmental price tag.

Watching a half-hour show would lead to emissions of 1.6 kilograms of carbon dioxide equivalent, said Maxime Efoui-Hess of French think tank the Shift Project. That's equivalent to driving 3.9 miles (6.28 kilometres).

Last year, online video streaming produced emissions equivalent to Spain and that amount may double in the next six years, according to the Shift Project.

While most of the online traffic -- 34 percent -- is related to streaming videos, on Netflix, Amazon Prime, and Hulu, for example, the next biggest sector is online porn.

"Digital videos come in very large file sizes and (are) getting bigger with each new generation of higher definition video," said Gary Cook of Greenpeace, which monitors the IT sector's energy footprint.

"More data equals more energy needed to maintain a system that is ready to stream this video to your device at a moment's notice," Cook told AFP.

Much of the energy needed for streaming services is consumed by the data centre, which delivers data to your computer or device, explained Cook.

The centres contribute about 0.3 percent of all carbon emissions, according to an article by Nature.

Experts remain divided on how much that number will grow. 

'Waste of resources on all levels' 

"For energy consumption to stay flat for the next five to 10 years, significant improvement in IT equipment and data centre energy performance must be made or our appetite for computations must diminish," said Dale Sartor of the Center of Expertise for Data Centers, linked to the US Department of Energy.

Anders Andrae of Huawei Technologies told AFP he estimated they would consume as much as 4.1 percent of global electricity by 2030.

Web-based video traffic is expected to increase four times from 2017 to 2022 and account for 80 percent of all internet traffic by 2022, according to the CISCO Network.

Netflix is continuing to expand globally —- the company reported a 53-percent increase in international revenue for streaming subscriptions between 2017 and 2018. And Disney and Apple are launching their own streaming services this year.

Meanwhile, the equipment used to view videos is getting larger -— the average screen size shot up from 22 inches (55 centimetres) in 1997 to an expected 50 inches by 2021, according to the Consumer Technology Association.

"The changing screen size and related shift to digital video technology has set the stage for higher definition and thus larger file sizes that we are streaming," said Cook.

Screens with 4K resolution use about 30 percent more energy than high-definition screens, according to a report by the Natural Resources Defense Council. Last year, 8K screens made their debut.

The consequence is "a waste of resources at all levels", added Laurent Lefevre of the French Institute for Research in Computer Science and Automation.

Experts suggest that viewers disable autoplay and stream over Wi-Fi in lower-definition formats. The worst-case scenario is watching over a 3G connection on a mobile device, said Lefevre.

The Shift Project offers a browser extension that monitors internet use, displaying the amount of electricty used, the CO2 that electricity produces, and how far the user would have to drive to match those emissions.

Cook emphasizes the most impactful change consumers can make is through their wallets.

"Exercising collective responsibility, with individuals demanding internet giants rapidly transition their data centres to renewable energy, has been the biggest driver thus far," he said. 

source: philstar.com

Netflix chief Hastings to leave Facebook board

SAN FRANCISCO, United States — Netflix chief Reed Hastings will depart Facebook's board of directors at the end of next month, according to a Friday filing with US regulators by the leading social network.

Neither Hastings nor businessman and political figure Erskine Bowles, who have been on the board since 2011, will be nominated for re-election at an annual shareholders meeting on May 30, Facebook said in a filing with the US Securities and Exchange Commission.

Hastings' departure comes as the social network prioritizes services such as live streaming and on-demand video that compete with Netflix.


Facebook said it had nominated PayPal core markets senior vice president Peggy Alford to join its board, making the tech industry veteran the first African-American woman to join its ranks.

"Peggy is one of those rare people who's an expert across many different areas -- from business management to finance operations to product development," Facebook co-founder and chief executive Mark Zuckerberg said in the filing.


"I know she will have great ideas that help us address both the opportunities and challenges facing our company."

Facebook's board members include Zuckerberg, investor Marc Andreessen, chief operating officer Sheryl Sandberg, and Peter Thiel of the Founders Fund.

"What excites me about the opportunity to join Facebook's board is the company's drive and desire to face hard issues head-on while continuing to improve on the amazing connection experiences they have built over the years," Alford said in the filing.

Facebook has been grappling with questions over its handling of personal data of its more than two billion users and protects against -- as well as concerns the social network is used to spread misinformation and abuse.

source: philstar.com

New Netflix series 'Insatiable' faces fat-shaming, homophobia accusations

NEW YORK, United States — Netflix's new series "Insatiable," hitting screens Friday, was touted by the streaming service as a dark comedy meant to spark debate on society's ills.

Instead, critics have slammed it as fat-shaming, homophobic and denigrating to transgender people.

The offbeat show follows the story of overweight teen Patty, who is mocked and bullied incessantly until she has an accident that requires her jaw be wired shut -- which causes her to shed significant weight.

With her new svelte figure, she vows to seek revenge on all those who attacked her, notably by participating in beauty contests.

The trailer prompted fierce backlash from critics accusing the show of body-shaming.

It perpetuates "not only the toxicity of diet culture, but the objectification of women's bodies," read a petition launched last month.

With the show's release on Friday, the petition -- which calls for the series' cancellation -- had more than 229,400 signatures.

Some people also skewered the show for the way it portrayed homosexuality, including apparently making light of Patty's best friend Nonnie for her repressed desire.

In another scene, a young girl who accidentally releases a nude photo of herself says she initially "figured everyone would think I'm a slut."

"Now they think I'm a lesbian and that's way worse," she says.

And in another scene, Patty and a transgender woman compare being fat to being transgender, saying they both aspire to change their bodies.

"At the very least, it will be a conversation starter," said Alyssa Milano, who stars in the show.

"People bring with them their own emotional history and that's what makes art amazing and TV entertaining. I'm completely aware that it's not a show for everybody but we're really proud of what we did."

Netflix's vice president of original series, Cindy Holland, said the series explores issues "satirically, in a very over-the-top way."

Lauren Gussis, who created the show, called it "a cautionary tale about how damaging it can be to believe the outsides are more important -- to judge without going deeper."

"Please give the show a chance," she said.

source: philstar.com

Netflix and chill during four-day Holy Week vacation

The Holy Week is upon us, and so is that four-day vacation, a.k.a. the ultimate binge-watching weekend! It’s the perfect time to finally catch up on shows you’ve been missing because of work, school, or whatever that’s been keeping you busy.

We know you’ve banked up on a several “Riverdale” episodes and have been having FOMO (that’s Fear of Missing Out), especially when your friends or colleagues talk about it. What about the third season of “Black Mirror” that literally everyone is tweeting about?

Or that new show “Thirteen Reasons Why”? Worry not, you’ll finally catch up on all the shows you left behind and be able to start new ones and finally stop living under that rock.

Day 1 – Holy Thursday – Netflix Documentary shows

1. “Abstract: The Art of Design”

You’ve probably heard your artsy friends rave about this show once or twice, and you can’t blame them! It’s not just for artists though, it’s for anyone who appreciates art and design. It’s six hours full of art and love and passion. Beware though: it’s contagious.

2. “Chef’s Table”

The much-awaited third season of “Chef’s Table” arrived in February, and it is good. For food enthusiasts everywhere, “Chef’s Table” is the perfect documentary series to watch. Actually, the minimal requirement for anyone to like this show is that they should at least like food, so it’s basically for everyone. It’s stunning, interesting, and a definitely won’t be a waste of anyone’s time.

Day 2 – Good Friday – Drama shows

3. “Black Mirror”

Ah yes, “Black Mirror,” the reigning king of shows that will give you existential crises, but the best kinds. If you’ve watched the previous seasons, brace yourself for the third and current season. It did not show signs of slowing down at all. And if you haven’t seen the show yet, well, what are you waiting for? You have the time now!

4. “Thirteen Reasons Why”

The buzz on social media about “Thirteen Reasons Why” is totally warranted. It sets a new and higher standard for shows targeted to young people because of how well it handles very serious matters. This show is super good, much better than the best-selling book even, so you better get your hands on it now!

5. “The Crown”

Not just millennials are talking about this show, but so are our titas and titos. We’re pretty sure you know what it’s about and maybe have even Googled it before, so it’s about time you start actually watching the show. Or if you have started it, then please, get on with it!

Day 3 – Black Saturday – Catch up day for upcoming series this April and May

6. “Riverdale”

We’re sure you’ve heard of all the noise from this new and dark Archie spin-off. Unlike the other Netflix shows wherein we get all of its episodes all at once, this one comes in weekly. That’s probably the reason you weren’t able to binge-watch it in one sitting (which we know you would if you could). Now’s your time to get up to date, ship all the ships, and finally get rid of that FOMO.

7. “The Get Down”

You’re just in time for a catch up session because Part 2 of this gritty, hip-hop series has just premiered! If you haven’t started watching this yet, settle in because you’re in for a wild ride in this hip-hop meets disco revolutionary series that’s set in the 70’s.

8. “Sense8″

If you’re up for an out-of-this world plot, then Sense8 may just be right for you. This Netflix original series left us hanging with its Christmas special. Thankfully, we don’t have to wait much longer because the continuation premieres on May 5. Now’s your chance to catch up, rewatch, or start to watch before its long awaited debut.

Day 4 – Easter Sunday – Kids shows and comedies 


9. “Julie’s Greenroom”

Kids and kids at heart are surely going to love this show with the musical goddess Julie Andrews. This Easter Sunday, you get the chance to reminisce your childhood, and also to introduce Julie Andrews to the kids in your life.

10. “Unbreakable Kimmy Schmidt”

Everyone knows Beyonce, and everyone tries to be like her. If you’ve seen Titus Burgess who plays the sassy Titus Andromedon make his own version of Beyonce’s Lemonade, then you know that “Unbreakable Kimmy Schmidt’s” third season is coming this May 19. This gives you plenty of time to catch up or start watching the other two seasons. Trust us, it’s perfectly possible.

You only have four days. Use it wisely, savor it, and binge all the shows you can.

source: interaksyon.com

Netflix adds 7 million subscribers in global expansion

SAN FRANCISCO, Caifornia – Netflix added a record seven million subscribers over the past quarter as part of its global expansion drive, fueling a surge in revenue and profit for the streaming television giant.

California-based Netflix said in its quarterly report Wednesday it ended the year with nearly 94 million subscribers, adding five million outside the United States in the last three months of the year.

“This was the largest quarter of net additions in our history and was driven by strong acquisition trends in both our US and international segments,” Netflix said in its quarterly update.

That growth helped push net profit up 55 percent in the fourth quarter to $66.7 million, while revenues were up 36 percent from a year earlier to $2.5 billion.

The stronger-than-expected results lifted Netflix shares more than eight percent in after-hours trade.

Decade of streaming
“This quarter marks the 10-year anniversary of our launch of streaming,” said Netflix.

“The next decade will be even more amazing and tumultuous as internet TV supplants linear TV, and as we strive to remain a leader.”

Netflix added nearly 20 million new customers globally in the full year after announcing last January its plan to expand to some 190 countries to become a “global television network.”

“We are learning rapidly how best to match content with audience tastes around the world,” said the company’s quarterly letter to shareholders.

“It is clear to us that high quality content travels well across borders.”

Netflix said itexpects to see strong growth ahead even as it faces more competitors such as Amazon, which is also expanding globally.

The letter said Netflix expects 5.2 million new customers globally, including 3.7 million outside the US in the first quarter.

“We will seek to steadily increase revenue and operating margin as we balance growth and profitability,” the statement said.

“We are in no rush to push margins up too quickly, as we want to ensure we are investing aggressively enough to continue to lead internet TV around the world.”

The expansion drive has meant that nearly half — 47 percent — of Netflix users are now outside the United States, a proportion expected to increase as it adds more customers.

Counting on content
Known for its broad array of on-demand content and original productions such as “House of Cards” and “Marco Polo,” Netflix said it continues to invest in new content.

Conlumino analyst Neil Saunders said that content was a strong driver of Nexflix’s success, with subscriber ranks climbing despite a recent price increase.

“Netflix is now producing world-leading TV that spans a whole range of tastes from cult shows like ‘Stranger Things,’ to historical dramas like ‘The Crown,’ to light entertainment like ‘Fuller House,’ he said in emailed comment.

“Our own data show the value for money perception of Netflix has actually increased since the price rise.”

Conlumino was encouraged by the pipeline of shows in the works at Netflix, including international productions created with local talent and themes.

International growth remains a money-losing operation as Netflix invests in winning audiences around the world, but the analyst saw the strategy as necessary to counterbalance inevitable slowing at home.

“Overall, we believe Netflix is headed firmly in the right direction,” Saunders said.

source: interaksyon.com

Jazz icon Nina Simone in spotlight at Sundance premiere

PARK CITY | The opening night of the Sundance Film Festival saw a moving documentary about jazz icon Nina Simone — whose director trumpeted her as a model for a new generation of civil rights activists.

“What Happened, Miss Simone?” was greeted with a standing ovation at a gala screening at the film festival, which runs through February 1 in the Utah ski resort of Park City.

Drawing on previously unreleased footage and recordings, the movie traces Simone’s life from her youth as a classically trained pianist to crossover blue/soul/jazz “I Love You Porgy” songstress and 1960s black power figurehead.

Including extensive interviews with her daughter and close friends, it then recounts her downward spiral and battles with domestic abuse and mental illness, leading eventually to her diagnosis with bipolar disorder.

“She struggled with demons, from inside and out,” said Oscar-nominated filmmaker Liz Garbus, a Sundance veteran whose previous movies include “The Farm: Angola, USA” (1998) and “Love, Marilyn” (2012).

“Her life was a reflection of the legacy of racism in America but also of the extraodinary power that a righteous voice can have against even the most wicked historical legacy.”

After separating from her husband and manager Simone moved to Liberia in the early 1970s, but running out of money headed north to Europe, first Switzerland and then France, struggling to get her career back on the rails.

Ironically it was a commercial — for Chanel No 5 perfume — which resurrected her fortunes, as its use of her song “My Baby Just Cares for Me” brought Simone renewed fame from the late 1980s.

‘MISSISSIPPI GODDAM’

But much of the movie centers on the early years, and in particular her transformation from jazz singer into civil rights firebrand — despite the efforts of her abusive husband, who wanted her to keep making the hits.

It is difficult to feel the power that a song like “Missippi Goddam” — her response to the bombing of a church in Birmingham, Alabama that killed four black children — had at the time, when it was banned from radio stations.

Speaking after Thursday night’s screening, the film’s director said Simone’s songs can still resonate for a new generation — specifically protestors following a recent spate of white-on-black killings in America.

“If we had voices like Nina Simone today, (they could express) the pain and the passion of the movement, that’s been building I think on the streets in the past six months.

In a later-life interview in the film, a disillusioned Simone laments that there was no civil rights movement, and therefore no place for her earlier songs.

“I think that’s one of the saddest moments for me in the film, because I think we can all see the place of these songs today,” said Garbus, urging new artists to “appropriate those songs to take them, and to continue them and to … let the music mean something again.”

The evening ended with a tribute from Grammy-winning and Oscar-nominated singer John Legend, who sang three Simone tunes including “Don’t Let Me Be Misunderstood.”

Simone ended up based in Paris after her late-career comeback, and continued to perform in the 1990s — her last album, “A Single Woman,” was released in 1993. She died in 2003, aged 70.

“What Happened, Miss Simone?” is due out soon, on streaming video service Netflix.

source: interaksyon.com

Amazon takes first ever Globes for ‘Transparent’

LOS ANGELES | Online retail giant Amazon scored its first ever Golden Globes on Sunday with two wins for dark comedy “Transparent” — a breakthrough in its bid to catch up with streaming pioneer Netflix.

The series, starring veteran actor Jeffrey Tambor, tells the story of a man who has transitioned to become a woman and is working out the thorny details of telling his family.

It took home prizes for best comedy/musical series and best actor for Tambor.

“This is dedicated to too many trans people that died too young,” said series creator Jill Soloway. “Maybe we’ll be able to teach the world something about authenticity and truth and love.”

A few minutes later, Tambor accepted his trophy, saying: “Oh, this is big. This is much bigger than me.”

“I would like to dedicate my performance and this award to the transgender community,” he added.

In October, Amazon ordered a second season of the series — the creation of Soloway, an Emmy-nominated writer on cult series “Six Feet Under.” The first season was released on September 26.

Amazon has recently bolstered its streaming video offerings.

But so far, its own original content has not quite reached the popularity level achieved by Netflix, with its signature series “House of Cards” and “Orange Is The New Black.”

“House of Cards” star Kevin Spacey took home the prize for best actor in a television drama — his first Globe in eight nominations.

“This is just the beginning of my revenge,” Spacey joked in the Southern drawl of his character, Frank Underwood.

Showtime’s new series “The Affair” — the story of a love affair gone wrong, told from the perspective of both the man and the woman — took home honors for best drama and best actress (Ruth Wilson).

The best drama series category had been seen as a tough one, with “Downton Abbey,” “Game of Thrones,” “The Good Wife” and “House of Cards” also in the mix.

Another big winner on the television side was “Fargo” — a miniseries based on the Oscar-winning crime thriller film by Joel and Ethan Coen.

It took home prizes for best miniseries or television movie, and best actor in a miniseries or TV movie for Billy Bob Thornton — besting HBO’s widely acclaimed “True Detective” in both categories.

Gina Rodriguez took home the Globe for best comedy TV actress for her breakout performance in “Jane the Virgin” — based on a Venezuelan telenovela.

“Thank you to my mom and my dad for telling me to dream big and to never stop dreaming,” Rodriguez said.

source: interaksyon.com