A quarter of a century on from when Netflix launched as a DVD postal service, it is no longer good enough for streamers to show that they can attract eyeballs. Translating an increase in subscribers into growth in the top line, and even more crucially profits, is what earns more credit with the market. That might explain an 8 per cent markdown in the streaming giant’s shares in aftermarket trading, despite new sign-ups coming in ahead of market expectations, months after it launched a crackdown on password sharing and released a cheaper tier with adverts.
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