Netflix doesn’t want Hollywood writers to go on strike — but the streamer has a “pretty robust slate of releases” that will help it weather a walkout better than others, co-…
“We respect the writers, and we respect the,” he said. “We couldn’t be here without them. We don’t want a strike. The last time there was a strike, it was devastating to creators. It was really hard on the industry. It was painful for local economies that support productions. And it was very, very, very bad for fans.”
Sarandos said “we want to work really hard to make sure we can find a fair and equitable deal so we can avoid one.” That said, “if there is one, we have a large base of upcoming shows and films from around the world that we could probably serve our members better than most… We do have a pretty robust slate that could take into a long time.”
Sarandos, asked about Netflix’s content spending, said the growth of that is tied to revenue growth. The company is still working through the effect of post-COVID “floodgates” opening on productions, which has made Netflix’s content spending “lumpier,” Sarandos said. In Q1, Netflix’s additions to content assets represented $2.46 billion in cash, down more than $1 billion from $3.58 billion in the year-earlier period.
Over the course of 2022-24, Netflix will average around $17 billion in annual cash spending on content, CFO Spence Neumann said, and then after that “there’s a big entertainment market to go after beyond that.” “As we reaccelerate revenue [growth], we see a lot of opportunity to grow into that viewing and engagement and business opportunity ahead,” Neumann said.
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