Netflix stock retreated 6% in Friday trading after CEO Reed Hastings described a “whole new world” of streaming competition once Disney+ and Apple TV+ launch in the coming weeks. “While…
“While we’ve been competing with many people in the last decade, it’s a whole new world starting in November,” Hastings said in an appearance at a Royal Television Society conference in Cambridge, England, according to multiple press reports. “It’ll be tough competition. Direct-to-consumer [viewers] will have a lot of choice.”
In addition to Apple TV+, which goes live on November 1, and Disney+, which follows on November 12, NBCUniversal is launching Peacock and WarnerMedia is prepping HBO Max. Both will hit the market next spring. Amazon Prime Video and Disney-controlled Hulu are also retooling and making aggressive moves.
The comments by Hastings seemed to conflict somewhat with his previous positioning of streaming competition as a welcome development. The company has advanced the theory that the contest is not zero-sum and can have many winners. Todd Juenger, an analyst with Bernstein Research, issued a report to clients on Thursday embracing that notion and reaffirming his “outperform” rating and 12-month price target of $450 a share.
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