Netflix 23Q1

Netflix 23Q1 results:

• current AVOD tier ARM (subscr + ads) > Standard tier ARM, to expand features of AVOD tier (currently in 12 countries): 1080p, 2 streams (first in Canada, Spain)
• to expand paid-sharing to US etc 23Q2 (delayed from late Q1), to block devices attempting access without properly paying (already in Chile, Costa Rica, Peru and Canada, New Zealand, Portugal, Spain)
• to close DVD-by-Mail 230929 (last day of shipping)
• forecast 23Q2: paid net adds simialr to 23Q1, slight increase for forex-neutral ARM, rev $8.242b (+3.4%), oper inc $1.565b (margin 19.0%), net inc $1.283b (EPS $2.84)
• targets 2023: rev growth to accelerate in H2, oper margin 18-20%, FCF $3.5b (raised from 3.0b on lower content spend), cash content to content amortization ratio closer to 1.0x, SBB to accelerate
• target 2024: content spend $17b
• long-term financial objectives unchanged: sustain double digit revenue growth, expand operating margin, deliver growing positive free cash flow, gross debt range $10-15b, maintain minimum cash equivalent to roughly 2 months of revenue

Netflix Q3

General

• "After a challenging first half, we believe we’re on a path to reaccelerate growth. The key is pleasing members."
• "We think our bingeable release model helps drive substantial engagement, especially for newer titles."
• "Our existing plans remain ad free."
• To stop providing subs forecasts from 23Q1
• Strong USD impact 2022E $1b on rev, $0.8b on oper income; oper margin target (19-20%) on track but lower if USD remains above Jan 2022 level
• Targets FCF: 2022 $1b (+/-  few 100m), 2023 substantial growth
• Growth rates excluding currency effects:
• 22Q3
• Total streamers (223m) +4.5% (lowest ever)
• ARM ($11.85) +8%
• Revenues ($7.93b) +13%
• 22Q4E
• Total streamers (228m) +2.6%
• ARM +6%
• Revenues ($7.78b) +9%
• Margins
• Gross margin (after content amortisation) 39.6% (down from a peak 21H1).
• Marketing expense 7.2% of revenues (roughly at a low)
• Technology & Development roughly flat at ~8.5% of revenues
• Operating margin 19.3%
• Cash flow
• Cash spent on streaming content $4.52b in Q3, $17.8b TTM (stable for 4 quarters)
• Cash spending-to-amortisation ratio 1.24x (peaked at 1,75x in 19Q4)
• Cash spent per net add $1,884 (peak)
• Cash spent per retained sub $20.4 (longer term roughly flat)
• Cash & equivalents $6.11b. Last debt issue 20Q2, then bottomed at $5.82b in 22Q2.

Games

• "We now have 35 games on service (all included in every Netflix subscription without in-game ads or in-app purchases) and we’re seeing some encouraging signs of gameplay leading to higher retention." + 55 games in development
• Animal Logic acquisition [see 220719] to impact 22Q4 cashflow
• Plans new game studio in S California
• Considers cloud gaming service

Password sharing

• To start charging sharers extra for borrowers from early 2023.
• Borrowers may create own subscription, perhaps the Basic With Ads tier.
• Borrowers can migrate their profiles using Profile Transfer.

Main points

• Back to subscriber growth.
• Heavy USD impact.
• Focus on customer: content (originals) & binge viewing.
• Games becoming more important.
• Password sharing attacked with charging plan, cheaper tier and Profile Transfer.
• Margins could be expanded, as scale builds, but games delay the process.
• Content spending stabilising in absolute terms.

Netflix: becoming self-financing

Netlix reports rising numbers for subscribers, ARM (average revenue per member), revenues and cash content investments. The pandemic reduced investments temporarily, giving cash generation a boost. With $7.5b in cash, there currently is no need to raise cash on the bond market.

See a company profile here (in Dutch).

Two graphs illustrate Netflix's progress.

In the lower one, CF from ops falls when content investments are up - except in the final quarter, when rising investments led to rising CF from ops.

Netflix: all the originals & licensing announcements of Week 21

Series - scripted

• Drama series JIVA! (South Africa) premieres 210624
• Orders teen biopic True Spirit (Teagan Croft; about girl sailing the globe solo)
• Series Money Heist Part 5 (La Casa de Papel, Spain) premieres 210903 (vol 1, 5 episodes) & 211203 (vol 2, 5 episodes)
• Series The Naked Director (Japan) season 2 premieres 210624
• Orders drama series Anna K (after Leo Tolstoy’s novel Anna Karenin; Russia)
• Ordered series The Sandman (expands cast)
• Orders season 2 of series Firefly Lane (Katherine Heigl, Sarah Chalke)
• Series Somos (6 episodes) premieres 210630
• Series Katla (Iceland, 8 episodes) premieres 210617

Movies - scripted

• Orders unnamed Christmas rom com film (Lindsay Lohan), production to start Nov 2021
• Orders Christmas movie The Noel Diary (Justin Hartley, Bonnie Bedelia, Treat Williams) production to start May (in home in Essex Village), June (on street) 2021 in New Canaan
• Orders musical film 13: The Musical (Broadway musical adaptation; Debra Messing)
• Comedy film Ali & Ratu Ratu Queens (Indonesia) premieres 210617
• Horror movie A Classic Horror Story (Italy) premieres 210714

Unscripted

• Orders unnamed docu film about Martha Stewart (RJ Cutler)
• Docu series Penguin Town (8 episodes) premieres 210616
• Food and travel docu series Fresh, Fried & Crispy premieres 210609

Week 20 in Telecoms, Internet, Media (UPDATED)

CORPORATE

• KPN: Telegraaf: EQT and Stonepeak still interested in offer
• Telefonica: Rumor: to sell Zeleris (logistics), wants EUR 100m, HIG Capital interested
• BT: Fitch: agreement with BT Pension Scheme (to meet part of its pension deficit repair plan through an asset-backed funding (ABF) structure) is broadly neutral to BT's leverage profile and rating
• CityFibre (West Street Infrastructure Partners = Goldman Sachs 35%, Antin Infrastructure Partners 35%): Rumor: to sell 30% stake for GBP 1b to ~20 pension & investment funds, to expand target from 8m to 10m premises 
• Vodafone
• 20/21Q4 prelim
• guidance 21/22: adj EBITDA AL EUR 15.0-15.4b, capex GBP 8b (raised), adj FCF >EUR 5.2b
• Strategy Update
• to apply for EU's Recovery & Resilience facility
• targets rev growth, adj EBITDA AL growth MSD, adj FCF growth FCF, leverage 2.5-3.0x, dividend minimum 9c
• focus on 1. Network investment (fixed & 5G), 2. stronger, more comprehensive product offering, 3. accelerate digital capabilities, 4. flexibility to support Vantage Towers
• Rumor: interested in co-investment with BT to build 5m premises by 2026
• VodafoneZiggo: Ziggo Sport to lose Formula 1 rights from 2021/22 season to NENT Group, rumored to pay >EUR 30m, to establish Viaplay, with Bundesliga football (currently at RTL NL); reaches 1.5m viewers
• Liberty Global
• CMA approves Virgin Media / O2 UK merger without remedies, to close 210601
• Establishes JV AtlasEdge Data Centres with Digital Colony to develop >100 edge datacenters in Europe, to close & launch 21Q3; for s 5G, gaming, IoT, edge compute applications; e Josh Joshi to be Exec Chair; Virgin Media UK & IE, Sunrise UPC, UPC Poland to be anchor tenants, open for 3rd parties
• Cegeka: Citymesh plans to expand mobile nationwide and into consumer market under new brand, to invest EUR 100m, to participate in upcoming auction (700, 900, 1400, 1800, 2000 bands)
• Iliad: 21Q1; delays fixed-line market IT entry to after summer 2021; expects Iliad IT to report positive EBITDA AL over 2021; to sell remaining 30% stake in towerco FR (On Tower France = Cellnex), >EUR 600m; to revise Op CF target for FR (excl B2B, originally EUR 900m) by Sep 2021
• Altice Europe: SFR acquires 50% stake in RegloMobile (MVNO France, 770k subs; = Afone Participations) from E Leclerc Group (retailer)
• 1&1 Drillisch: Finalises nat roaming (2G, 3G, 4G plus 2G, 3G, 4G, 5G MVNO; excl 4G in urban areas from 260101: 1&1 Drillisch 5G covered areas) deal with Telefonica DE, 5 yr; 1&1's subs to be migrated to own network after certain period
• Gamma Communications: AGM & 21Q1 trading update; outlook 2021: rev, adj EBITDA, adj EPS at high-end of range of market forecasts (rv GBP 442-461, adj EBITDA 86-94m, EPS 55-63p)
• Deutsche Telekom
• CMD (1)
• Targets 2021-24: rev CAGR 1-2%, adj EBITDA AL CAGR 3-5%, FCF >EUR 18b by 2024 (2020: 6.3b), EPS >EUR 1.75 by 2024 (2020: 1.20), pay-out ratio 40-60% of EPS (lower limit EUR 0.60); aims for sustainable growth
• 5 key action areas: 1. Turning customers into fans (leader in terms of customer experience in fixed, mobile, convergence; superior networks and best-in-class service), 2. Lead in B2B in Europe (rev CAGR 2% in DE and Europe; T-Mobile US to double market share), 3. A new level of sustainability (to become climate neutral in terms of its own emissions (Scope 1 and 2) by as early as 2025, from 2040, 10 years earlier than the original target, this will apply to the entire value chain (Scope 1, 2 and 3), management compensation contains components based on these targets), 4. Number one in fiber and 5G (FTTH penetration >60% by 2030, from 5% currently; to add 2.5m HP/yr from 2024; 5G coverage 97% pops coverage by 2024), 5. We continue to drive digitization (continue to digitize its business at all levels, 30 percent of purchases by customers in Germany to go via our electronic channels by 2024) 
• Strategic review for T-Mobile NL (preparing for sale) & towers
• CMD (2)
• Targets tech & inovation
• Targets T-Systems
• Group Development (US, BT stake, NL, Towers, DTCP): valuation T-Mobile US $76b, BT stake GBP 1.9b, GD Towers EUR 12.8b, T-Mobile NL EUR 5.7b incl towers 5.0b excl towers (reduced EBITDA AL EUR 30m) (based on broker estimates), own valuation EUR 6b (enterprise value)
• Targets T-Mobile NL ('Crown Jewel') YE 2024: 900k fixed subs, FMC penetration of branded base >40%, >50% of customer transaction digital
• GD Towers ('Kingmaker asset') targets 2024: add 6k sites, 15k site extensions, external rev CAGR >3% (3rd party business), lower opex/site; targets GD 2024: rev CAGR >2%, adj EBITDA CAGR >4%, cash contribution AL CAGR >6%
• AT&T
• To merge WarnerMedia with Discovery in all-stock, Reverse Morris Trust transaction
• Moody's affirms Discovery's rating (Baa3, outlook stable) and AT&T's rating (Baa2, outlook stable)
• NYT: Jason Kilar (WarnerMedia CEO) to exit
• Discovery CEO signs new contract until end 2027 - WSJ: Zaslav received 14.8m stock options worth $190m
• 8K filing
• SingTel: Plans impairment charge on Amobee (ad platform), Trustwave (cyber security), Optus (Australia)
• RTL
• Plans to merge M6 with TF1 (= Bouygues), exchange ratio 2.1
• Rumor: RTL BE for sale, to raise EUR 200-250m, candidates: DPG Media (also interested in RTL NL), Telenet/SBS, Rossel, IPM consortium
• RTL NL targets EUR 500m revenue over 2021 o/w 20% = EUR 100m from Videoland
• Vivendi: Reduces ambition for ownership of UMG after IPO 210927 of 60% from 20 to 10% (Tencent to retain 20%), may sell 10% to US-based investor or increase float to 70%; to retain 10% stake for minimum 2 yr; UMG 21Q1: rev EUR 1809m (+9.4%; recorded music +10.8%, music publishing +6.9%, merchandising & other -10.0%), EBIT 322m (+36%)
• Google: Bloomberg: Waymo plans to raise $4b, considers IPO

VIDEO

• Amazon
• The Information: to offer $7-10b for MGM (studio, channel Epix); Variety: to offer $9b (others expect $5b)
• libary of 4000 films (incl James Bond, Hobbit, Rocky/Creed, RoboCop, Pink Panther franchises) + 17k episodes (incl Stargate, Vikings, Fargo, The Handmaid’s Tale, Get Shorty, Condor, Fame, American Gladiators, Teen Wolf, In the Heat of the Night), unscripted shows (incl The Voice, Survivor, Shark Tank, The Real Housewives of Beverly Hills, The Hills)
• MGM 21Q1: rev $403m (+27%), net income $29.3m
• Variety: valuation $5-6b + debt, Eon Productions (= Broccoli family) control James Bond franchise, insist in theatrical release, refuse spin-offs
• NENT Group: Plans to launch Viaplay in NL 22Q1 as streaming ad-free SVOD service
• WarnerMedia: HBO Max AVOD tier (HBO Max With Ads)
• to cost 10 $/mo
• to launch in US early June 2021
• to exclude day-and-date Warner Bros movie premieres throughout 2021
• no ads against HBO originals; minimal ad load
• to produce equal margin to ad-free tier
• ad types: Brand Block, Pause Ad, Branded Discovery
• ad-free tier to expand to Latam/Caribbean end June 2021
• to upgrade HBO-branded streaming services in Europe to HBO Max 21H2
• Some HBO Max originals to be aired on TBS & TNT from summer 2021
• ViacomCBS: CBS plans addressable commercials for broadcast TV from 21H2
• Netflix
• Established division (events/spectacle team) focused on obtaining franchise rights; currently 90 shows in development based on already established properties across comics, books, manga, video games
• Rumor: plans expansion into videogames, ad-free, may be bundled with SVOD - Confirms expansion into interactive entertainment
• Vimeo: Launches enterprise-grade video hub

MUSIC

• Spotify
• Launches virtual concert series May/June 2021 (with The Black Keys, Rag’n’Bone Man, Bleachers’ Jack Antonoff, Leon Bridges, girl in red)
• Spotify for Artists publishes Fan Study
• Partners with Storytel (500k audioboks, 1.6m subs) to allow Storytel subs to connect their account through Spotify to access their audiobooks within Spotify’s app (based on Open Access Platform, to add more OAP partners)
• Amazon: Allows Amazon Music Unlimited subs (10 $/mo for Amazon subs, 8 $/mo for Prime subs, 15 $/mo family plan) free upgrade to Amazon Music HD (originally 15 $/mo); 70m tracks in HD (lossless, 16 bit, 44.1 kHz) o/w 7m in UHD (24 bit, 192 kHz), some upgraded to 3D Audio (Dolby Atmos, Sony 360RA)
• Apple: To migrate to lossless audio (ALAC; from 16 bit 44.1 kHz to 24 bit 48 kHz and24 bit 192 kHz) & spatial audio (Dolby Atmos) June 2021, price unchanged; total 75m tracks

WEB SERVICES

• Google I/O 
• Snap
• Partner Summit
• new services
• Spotlight paid out $130m since launch to creators (5400)
• reaches 500m MAU
• demos Spectacles gen 4 for AR creators (currently 200k, supports with $3.5m + $1m with Verizon for 5G-based AR): AR (dual waveguide displays capable of superimposing AR effects made with Snapchat’s software tools), 4 built-in microphones, 2 stereo speakers, built-in touchpad, Connected Lenses (allows multiple people to see and interact with the same scene in AR)
• launches Ghost (AR innovation lab)
• Acquires WaveOptics (AR display supplier, powers Spectacles), >$500m
• Microsoft launches personal (consumer) version of Teams: chat, video calling, share calendars, locations & files (online (teams.live.com) or app for desktop, Android, iOS) 
• Vodafone UK launches 3 packages for SME around Wix services (website creation tool): Get Selling Online (10.5 GBP/mo excl VAT; create presence, with payments), Peace of Mind Online (13; adds security), Supercharge My Business Online (22.4; adds Microsoft 365)

TELECOM SERVIVES

• Ziggo launches internet-only tiers: 75/10 Mb/s for 42.50 EUR/mo, 300/30 for 53, 600/40 for 60.50, 1000/50 for 65.50

NETWORKS

• Ookla Speedtest Global Index (April 21): global average FBB 102/54 Mb/s, MBB 53/13 Mb/s; FBB: Singapore #1 (246), S Korea #2 (242), HK #3 (241), Monaco #4 (220), RO #5 (214), NL #25 (153); MBB: UAE #1 (191), S Korea #2 (186), Qatar #3 (181), China #4 (149), KSA #5 (148), NL #9 (107) 
• GSMA calls on governments to allocate 6 GHz band (5925-6425 & 6425-7125) to 5G (at least 6425-7125 portion, 5925-6425 license-exempt; currently mostly for WiFi) for mobile, smart city, smart industry, smart transport
• Melita (first in Malta) launches 5G (in existing spectrum), nationwide, with Ericsson
• Sunrise UPC proposes 5G for Smart Buildings (using MR, AR) for Building Information Modeling (BIM); demos transparent building app from Builcon (MR glasses see through walls, enabling them to detect where pipes, cable routes and ducts run)

REGULATORY

• Platforms
• EU proposes unified corporate tax regime, based on OECD rules (to be agreed June 2021)
• US House Dems propose Social Media DATA Act: forces platforms to share data (ad libraries) with researchers and FTC (description of the audience that was targeted, information about how many people interacted with the ad, details about whether the ad was optimized for awareness, traffic or some other purpose); working group within FTC to establish best practices around social media research
• Apple: lawsuit Epic Games (Fortnite) vs. Apple ongoing

Netflix: all the originals & licensing announcements of Week 20

Series - scripted

• Fantasy series Sweet Tooth premieres 210604
• Animated zombie series Resident Evil: Infinite Darkness premieres 210708
• Ordered supernatural mystery series Wednesday (Jenna Ortega)
• Orders unnamed spy series (Arnold Schwarzenegger, Monica Barbaro; 8x60 min)
• Teen series Elite (Spain) season 4 premieres 210618
• Zombie series Black Summer season 2 (8 episodes) premieres 210617
• Apocalyptic series Katla (Iceland) premieres 210617
• Series Summertime season 2 premieres 210603
• Swedish coming-of-age series Young Royals premieres 210701
• Dramedy series Feel Good series 2 (6 episodes) premieres 210604
• Fantasy series Ragnarok (Noway) season 2 premieres 210527

Movies - scripted

• Ordered family comedy film Home Team (Taylor Lautner, Rob Schneider, Kevin James)
• Horror film trilogy Fear Street premieres 210702, 210709, 210716
• Comedy film Good On Paper premieres 210623
• Action thriller movie Gunpowder Milkshake (Karen Gillan, Lena Headey, Carla Gugino, Angela Bassett, Michelle Yeoh, Paul Giamatti) premieres 210714

Series - unscripted

• Reality series The World's Most Amazing Vacation Rentals premieres 210618
• Reality series Too Hot To Handle season 2 premieres 210623

Week 19 in Telecoms, Internet, Media

CORPORATE

• Orange
• Reuters: plans to acquire TDF (= Brookfield Infrastructure, APG Asset Management, PSP Investments, Arcus Infrastructure Partners, Credit Agricole; 19k RTV & mobile towers, fiber in FR), rumored value EUR 5.9b; to merge with Totem
• Orange ES plans 485 (15%) job cuts
• Telefonica: Sells 4 datacenters (2 in ES, 2 in Chile) to Asterion for 20% stake in Nabiax (manages 11 datacenters already) to be held by Telefonica Infra (Asterion retains 80%)
• Tele Columbus (Morgan Stanley): Raises EUR 475m from capital increase for Fibre Champion strategy
• AT&T: Bloomberg: plans to merge Warner Media with Discovery (Liberty Media (John Malone) 30%); Discovery CEO David Zaslav to be CEO, WarnerMedia CEO Jason Kilar to lead D2C business
• Vimeo: Spin off from IAC 210525, symbol VMEO
• Amazon
• Brand Protection Report 2020: invested $700m, employed 10k people to protect stores from fraud & abuse; prevented 6m attempts, seized 2m products, blocked 10b listings, counterfeit complaints over <0.01% of all products sold
• Plans to raise debt, 8 tranches - Raises: 0.250% Notes due 2023 ($1b), 0.450% Notes due 2024 ($2.5b), 1.000% Notes due 2026 ($2.75b), 1.650% Notes due 2028 ($2.5b), 2.100% Notes due 2031 ($3b), 2.875% Notes due 2041 ($2b), 3.100% Notes due 2051 ($3.25b), 3.250% Notes due 2061 ($1.75b); all maturing May 12, total $18.5b - Prospectus supplement; gross proceeds $18.437b, net proceeds $18.395b, underwriting discounts & commissions $42m (10 manager banks, 6 co-managers) - 8K filing: to finance or refinance, in whole or in part, green or social Eligible Projects
• CEO Jeff Bezos sold shares 210507-10; started with 51,731,171 + 34 shares = 51,731,205 shares, ended with 51209269 shares [sold 521,936 shares at average ~3250 $/share = $1.70b]     
• To hire 75k employees in US for fulfillment & transportation, minimum wage 17 $/hr, sign-up bonus max $1000
• Redwood Software: Raises EUR 315m from Turn River Capital

EARNINGS

• Deutsche Telekom: 21Q1; raises guidance 2021
• Telefonica: 21Q1, FTTH in Spain reaches 25651 premises (take-up 29%), 5G covers 80%; shut down 769 copper exchanges in Spain (of total 8532), targets full fiber replacement by 2025; to close 3G in Spain 2025
• Telefonica Deutschland: 21Q1
• United Internet: 21Q1; confirms outlook 2021
• 1&1 Drillisch (United Internet 75.1%): 21Q1; to start 5G roll-out 21Q3; maintains outlook 2021: SR EUR 3.10b, EBITDA 650m (incl initial 5G costs 30m, excl 34.4m positive impact from adjusted MVNO deal)
• BT: 20/21Q4; plans FTTP JV to add 5m HP, raises target to 25m premises by 2026; Openreach plans copper switch-off at 77 locations (700k premises) from 220429, total 297 locations (2.9m premises)
• Walt Disney: 20/21Q2; to launch Star+ SVOD service in Latam 210831

NETWORKS

• Fixed
• IDATE for FTTH Council Europe report FTTH/B Market Panorama in Europe (EU39 at Sep 2020, bottom-up rerearch): 182.5m HP (52.5% coverage from 92% in Belarus to 5.6% in Belgium) o/w 39% incumbents, 57% altnets, 4% munis/utilities; 81.9m HA (44.9% take-up, from 70.7% in Iceland to 1.3% in Belgium); Homes left to be passed in EU27+UK from 34.7m in UK to 45k in Malta; total ~400 initiatives
• Ofcom (UK): average BB speed 2020 80 Mb/s (+25%)
• Proximus orders ultra dense vectoring (2MX6) from Nokia: raises # connections per cabinet (Proximus has 28k street cabinets) from 200 to 300 (later 400), bandwidth doubles from 17 to 35 MHz, power usage lower
• 5G
• Ericsson ConsumerLab 5G report (survey of 31k in 26 markets): 5G users spend 2 hr/week more using cloud gaming, 1 hr/week more on AR apps compared to 4G users
• Omdia for Orange report on 5G impact (economy, employment, emissions) in FR, ES, PL, BE, RO by 2030: value creation EUR 407b (o/w 25% in manufacturing), adds 420k jobs, avoids 33 Mt of greenhouse gas (GHG) emissions (equals city of Berlin) 

VIDEO

• Netflix: Considers adding bonus materials to orginals for N-Plus (production outtakes, cast interviews, bloopers, related video, podcasts, do-it-yourself content, user-generated music play lists)
• Amazon: Launches MiniTV in India: free AVOD, in-app (web-series, comedy shows, content around tech news, food, beauty, fashion etc)
• Google
• YouTube: Launches YouTube Shorts Fund in US, India, to pay out $100m in 2021-22; Shorts adds functionality
• Google Play launches Entertainment Space: feature (section in home screen) for Walmart tablets, to expand to Lenovo, Sharp, other Android tablets (one-stop, personalized home for all favorite movies, shows, videos, games, books, with recommendations)
• Walt Disney
• 20/21Q2 (per 210403): Disney+ (incl Disney+ Hotstar) net adds 8.7m to 103.6m; ESPN+ net adds 1.7m to 13.8m; shortened 45 day theater window for Shang-Chi and the Legend of the Ten Rings (210903, Marvel) & Free Guy (210813, 20th Century), some films to go to Disney+ directly, some day&date in theater & Disney+ for Premier Access ($30; Cruella on 210528, Black Widow on 210709, Jungle Cruise (Dwayne Johnson, Emily Blunt) on 210730); to launch Star+ (incl Disney and ESPN content) in Latam 210831 as stand-alone SVOD service
• Hulu (Walt Disney, Comcast): 20/21Q2: reaches 41.6m subs (+2.2m), SVOD +2.4m, Hulu With Live TV -200k to 3.8m
• NBCUniversal (Comcast): Rotten Tomatoes (= Fandango) launches streaming service The Rotten Tomatoes Channel (24/7 loop of 100 hr of inear video), distr via Roku Channel, Peacock, XUMO
• WarnerMedia (AT&T): Average usage of HBO Max 2 hr/day
• Pinterest: Plans in-app live streaming event (trial) 24-25 May 2021 with 21 creators (with moderators, max 5 guests, unlimited viewers): fashion design, cooking, health, etc
• Regulatory
• Regal Cinemas (= Cineworld) agrees shorter theatrical window with Universal Pictures (NBCU), to share rev from Premium VOD [introduces a new window #2 for PVOD] - And with Walt Disney
• Cinemark (#3 theater chain US) partners with Netflix: to pre-release Netflix originals in theaters [short window #1]
• BIA Advisory Services for NAB report (Economic Impact of Big Tech Platforms on the Viability of Local Broadcast News): broadcasters lose 1.87b $/yr on local news to Google Search & facebook News

WEB SERVICES

• Facebook: Diem digital currency abandons Swiss license applications, moves to US, partners with bank Silvergate to issue a dollar-backed stablecoin
• Twitter: Developing Twitter Blue premium service, 3 $/mo with extra features: Collections (save & organize favorite tweets into collections), Undo Tweet (wait 5-30 sec before sending), possibly also Scroll (ad-free), Revue (newsletters)
• Apple: Plans expansion in advertising (App Store, Apple News+, Stocks app) - Counterpoint Research: new ads rev stream based on iOS 14.5 could be $60b (Apple ads replacing 3-rd party ads from Facebook & Google)
• Google tests feature for Chrome: Desktop Sharing Hub or Chrome Sharing Menu: generating a QR code, sharing to devices, casting a tab and other actions that revolve around sharing the current page to another person or device from a centralised location
• Regulatory
• Apple: Rachael Kent (King's College, University of London) starts mass-action claim over App Store fees
• Platforms: FTC appoints pro-separation legal scholar Lina Khan - Rumor: FTC to appoint Eyitayo St Matthew-Daniel (currently US DoJ) head of antitrust unit (300 employees)

Netflix: all the originals & licensing announcements of Week 19

Series - scripted

• Series LOVE DEATH + ROBOTS volume 2 (8 episodes, duration 4-15 min) premieres 210514, ordered season 3
• Series Lupin season 2 (France; Omar Sy, 5 episodes) premieres 210611
• Coming-of-age drama series Ragnarok (Norway) season 2 premieres 210527
• Anime series Eden premieres 210527
• Dramedy series Sex/Life premieres 210625
• Animated series Masters of the Universe: Revelation (part 1: 5 episodes) premieres 210723
• Dramedy series The Chair (David Benioff & DB Weiss; Sandra Oh, 6 episodes) premieres 210827
• Series La Casa de Papel/Money Heist (Spain) season 5 (final) production completed
• Orders comedy series Uncoupled (from Darren Star; 8 episodes)
• Orders Bridgerton spin-off series from Shonda Rhimes

Movies - scripted

• Dramedy FATHERHOOD (Kevin Hart) premieres 210618
• Action thriller movie Xtreme (Spain) premieres 210604
• Orders Enola Holmes sequel movie (Millie Bobby Brown, Henry Cavill)
• Ordered installments 2 & 3 of Knives Out movie trilogy (#1 released by Lionsgate; Daniel Craig, Dave Bautista, Janelle Monae, Edward Norton, Kathryn Hahn)
• Coming-of-age movie Skater Girl (India) premieres 210611
• Orders animated movie Ultraman (Japan)
• Animated movie Wish Dragon (licensed from Sony) premieres 210611

Movies & series - unscripted

• Docu Breaking Boundaries: The Science of Our Planet (David Attenborough) premieres 210604
• Conversion therapy docu film Pray Away (Ryan Murphy, Jason Blum) premieres 210616
• Football biopic docu Baggio: The Divine Ponytail (91 min) premieres 210526
• Crime docu film Nail Bomber: Manhunt premieres 210526
• Orders #3 stand-up special The Comedy Event from Gabriel Iglesias

Netflix: all the originals & licensing announcements of Week 18

Movies - scripted

• Licenses action movie Gunpowder Milkshake (Karen Gillan. Angela Bassett, Paul Giamatti, Carla Gugino, Michelle Yeoh) from STX & Studiocanal for US
• Comedy film Carnaval (Brazil) premieres 210602
• Production of WWII movie All Quiet On The Western Front (Germany) started March 2021
• Romantic drama film The Last Letter From Your Lover (La última carta de amor; Felicity Jones, Shailene Woodley, Callum Turner) premieres 210723
• Thriller movie Awake (Gina Rodriguez) premieres 210609
• Double-feature anime movie Pretty Guardian Sailor Moon Eternal premieres 210603
• Partners with Cinemark for theatrical release of zombie movie Army Of The Dead (Zack Snyder) from 210514, on Netflix 210521
• Orders comedy movie We Are the Nobles (Chris Columbus; based on Nosotros Los Nobles, Mexico)
• Orders movie Lady Killer (Blake Lively)
• Ordered movie Persuasion (Dakota Johnson, Henry Golding)
• Thriller movie Xtreme (Spain) premieres 210604
• Dance movie Dancing Queens (Helena Bergstrom; Sweden) premieres 210603

Series - scripted

• Animated series Arcane (based on League of Legends) premieres autumn 2021 (in China on Tencent)
• Series Summertime (Italy) season 2 premieres 210603
• Series Halston (Ewan McGregor, Ryan Murphy) premieres 210514
• Starts production of series Emily in Paris season 2
• Mystery series 1899 (8 episodes, Germany, multi-lingaul) in production
• Cancels series The Irregulars after season 1 (premiered 210326)
• Comedy series The Neighbor (Spain) season 2 premieres 210521
• Orders series from Millarworld (Mark Millar, acquired 2017):
• new season of The Magic Order (after cancelling in 2020)
• live-action spy series (6 episodes), anime series Super Crooks (13x30 min)
• series Jupiter’s Legacy season 1 (8 episodes) premieres 210507
• Series Stranger Things season 4 to premiere

Series and movies - unscripted

• Culinary docu series High on the Hog: How African American Cuisine Transformed America premieres 210526
• Puts docu series Amend: The Fight for America (6 episodes) on YouTube
• Docu film Audible (about deaf high-school football team) premieres at Hot Docs Film Festival 210501

Netflix: all the originals & licensing announcements of Week 17

Series - scripted

• Series The Naked Director season 2 premieres 210624
• Comedy series Special season 2 premieres 210520
• Ordered drama series Heartstopper (8 episodes)
• Postapocalyptic series Sweet Tooth premieres 210604
• Animated series Castlevania season 4 (final, 10 episodes) premieres 210513
• Cancels series The Duchess (Katherine Ryan) after season 1
• Fantasy series Lucifer season 5 part 2 (8 episodes) premieres 210528
• Romcom series Master of None (Aziz Ansari) season 3 premiere 210523
• Series The Kominsky Method season 3 (Michael Douglas, Kathleen Turner, Morgan Freeman, Barry Levinson) premieres 210528
• Thriller series Hit & Run to premiere
• Anime series Yasuke premieres 210429

Movie - scripted

• Licenses musical animated movie Vivo from Sony
• Licenses supernatural thriller movie Ghost Lab, premieres 210526
• Licenses anime movie Pretty Guardian Sailor Moon Eternal The Movie, premieres 210603
• Overview of movies premiering summer 2021
• Orders musical comedy special Inside (Bo Burnham)
• Drama movie Blue Miracle (Jimmy Gonzales, Dennis Quaid) premieres 210527
• Ordered thriller movie Lou (Allison Janney, Jurnee Smollett)
• Ordered musical film 13: The Musical
• Animated movie Trollhunters: Rise of the Titans (Guillermo del Toro) premieres 210721

Netflix: all the originals & licensing announcements of Week 16

Movies - scripted

• Crime movie Ferry (Frank Lammers; NL) premieres 210514
• Production of movie The Swimmers (Sally El Hosaini) starts, with Working Title
• Orders movie Perusasion, after Jane Austen (Dakota Johnson)
• Orders thriller movie Rebel Ridge (AnnaSophia Robb, Emory Cohen)
• Movie Oxygen (France) premieres 210512
• Movie Dancing Queens premieres 210603

Series - scripted

• Orders season 2 of series Ginny & Georgia
• Orders series Florida Man (8 episodes; Edgar Ramírez)
• Animated anthology series LOVE DEATH + ROBOTS VOLUME 2 (8 episodes) premieres 210514, Volume 3 2022
• Fantasy series Shadow and Bone premieres 210423
• Orders animated series Wings of Fire (10x40 min) from Ava DuVernay
• Sitcom series The Upshaws (10x30 min) premieres 210512
• Series Master of None (Aziz Ansari) season 3 premieres May 2021
• Licenses psychological thriller series Blackspace (Israel; 8x60 min), global outside DE (RTL), NL (NPO), Latam
• Horror series Haunted Season 3 premieres 210514
• Dramedy series The Naked Director Season 2 premieres 210624
• Animated series Resident Evil: Infinite Darkness premieres July 2021

Unscripted

• Docu Money, Explained premieres 210511
• Orders season 2 of gameshow Floor is Lava
• Reality series The Circle Season 2 premieres week 3 210428
• Orders docu series on Bubba Wallace (NASCAR driver) 

Other

• Orders >50 originals from Mexico

Netflix 21Q1

21Q1

• net additions 21H1 slow due to pull forward and delayed slate dynamics plus typical seasonality
• biggest competitors linear TV & YouTube

Targets 2021

• to spend >$17b cash on content
• oper margin 20%
• to maintain $10-15b in gross debt
• to launch SBB $5b 21Q2
• password sharing crackdown will not be aggressive
• plans movies based on Sony IP based on distr deal [see 210408]

Viewing stats first 28 days

• series
• Firefly Lane 49m
• Cobla Kai season 3 45m
• Fate: The Winx Saga 57m
• Ginny & Georgia season 1 52m
• movies
• I Care A Lot 56m
• YES DAY 62m
• Outside the Wire 66m
• To All the Boys I’ve Loved Before (final movie) 51m
• foreign productions
• Below Zero (Spain) 47m
• Space Sweepers (S Korea) 26m
• Squared Love (Poland) 31m
• Who Killed Sara? (Mexico) 55m
• Lupin (France) 76m

Netflix: all the originals and licensing announcements of Week 15

Movies - scripted

• Orders live-action movie Gundam
• Orders Anna Karenina adaptation from Gazprom-Media, plans more orders from Russia
• Zombie movie Army of the Dead (Zack Snyder) premieres 210521 & in select theaters
• Dance of the 41 (Mexico) premieres 210512
• Drama movie Fatma (Turkey) premieres 210427
• Orders crime movie The Poet
• Ordered vampire movie Day Shift (Jamie Foxx, Meagan Good, Karla Souza, Snoop Dogg)
• Ordered movie Spaceman (Adam Sandler, Carey Mulligan)

Series - scripted

• Highschool series Elite (Spain) season 4 premieres 210618, season 5 ordered
• Orders thriller series Rock Paper Scissors (6 episodes) from Orchid Pictures (Suzanne Mackie)
• Orders seasons 3 & 4 of Bridgerton
• Ordered season 2 of series Russian Doll
• Orders series Si Lo Hubiera Sabido (If Only) (Spain)
• Orders season 5 and movie spin-off of series Call My Agent! (France)
• Fantasy series Shadow and Bone | Building The World premieres 210423
• Biopic Selena, The Series Part 2 premieres 210504
• Orders sci-fi series The Imperfects (Italia Ricci; 10 episodes)
• Paranormal series Haunted season 3 premieres 210514
• Series Castlevania season 4 (10 episodes; final) premieres 210513, plans spin-off series

Series - unscripted

• Ordered unnamed reality series (Colton Underwood)
• Self-help series Headspace Guide to Sleep (7x15 min) premieres 210428)

Movies - unscripted

• Docu film Chadwick Boseman: Portrait of an Artist premieres 210417
• Orders biopic I Slept With Joey Ramone (Pete Davidson)

Other: orders Spanish originals

• 3 drama series (Intimidad, Baruca, Si lo hubiera sabido)
• dating series Amor con fianza
• reality series Georgina on Georgina Rodríguez
• movie A través de mi ventana
• romcom movie Eres Tu
• season 2 (final) of series El Vecino premieres 210521

Netflix: all the originals and licensing announcements of Week 14

Movies - scripted

• Licenses fantasy movie Super Me (China)
• Drama film Monster (Anthony Mandler) premieres 210507
• Thriller movie The Woman in the Window (Amy Adams, Gary Oldman) premieres 210514
• Ballet drama movie Into The Beat premieres 210416

Series - scripted

• Season 2 of Selena The Series premieres 210504
• Production of series The Crown season 5 starts July 2021
• Ordered series Witcher: Blood Origin (prequel to The Witcher, 6 episodes)
• Superhero series Jupiter's Legacy premieres 210507
• Series The Innocent (Spain, 8 episodes) premieres 210430
• Series The Circle Season 2 (14 episodes) premieres 210414 (4 episodes, next 4 on 210421, next 4 on 210428, final 210505)
• Orders season 2 of anime series The Way of the Househusband (Part 2)

Unscripted

• Orders docu series Heart of Invictus on the Invictus Games from Harry & Meghan (Archewell Productions)
• Licenses docu series on Kanye West, rumored price $30m
• Docu series Sons of Sam: A Descent Into Darkness premieres 210505
• Crime docu Why Did You Kill Me? premieres 210414