There’s no secret that, despite the recent influx of major studios into the streaming arena, Netflix has managed to hang on to its position as the first and most iconic streaming service in the public’s imagination. Yet early 2021 saw the streamer floundering in the stock market. Is it Squid Games alone that signaled the recent market turnaround? We turned to the expert analysis of entertainment lawyer Los Angeles Brandon Blake, partner at Blake & Wang P.A, for his take on the recent attention Netflix has attracted from Wall Street.
A Squid Games rally
With most firms focusing on their Q3 earrings, it seems investor confidence in Netflix has spiked with the global success of Squid Games. However, its recent support in the Dave Chappelle scandal has not left it unscathed, either. With its subscriber base now topping 209M users as of the end of June, what does this mean for its stock price and Q4 forecast?
No doubt its ability to continuously deliver high-performing content (as with Squid Games) is a big focus for investors. What will its Q4 slate mean for membership growth? How will this fit into growth over time? Netflix has also made noises towards pushing into the video game and mobile gaming markets with the acquisition of its first gaming studio, alongside overall merchandising. While it's too early to tell how successful these attempts will be, they have also had an impact on overall stock sentiment. There’s also the high-profile acquisition of swathes of the Roald Dahl catalog to consider.
Membership-wise, we’ve seen 4.4 million new subscribers onboarded, half of these from the Asia-Pacific zone, but less than a million of these from North America. Of these, almost two-thirds have watched at least 2-minutes of Squid Games. This comes alongside an announced shift in how frequently, and how, they will be reporting on viewer numbers, moving from an ‘accounts who watched’ to ‘hours watched’ model through the remainder of the year.
Rating effects
We’ve seen an overall positivity remain around Netflix shares, especially after the Q3 release, with several analysts opting to revise their share price upward, some as high as $705 a share. Even previously bearish Wedbush has let up slightly. It seems it is powered by a strong Q4 content slate, seasonality, and confidence around expansion into the Asia-Pacific zone.
On the back of the earnings report, we saw Netflix surge up nearly 18% for the year-to-date, closing at around $636 per share. This gave Netflix a market capitalization of $281.6B, an all-time high for the company. Naturally, we did see a market correction shortly thereafter. What’s particularly of note, however, is that despite this overall air of confidence, Wall Street remains somewhat split on the underlying value of the stock.
As the genre pioneer for streaming, it’s intriguing to see Netflix respond to the changing stock market sentiment around its growth. While Q3 delivered much-needed growth numbers to offset a lackluster Q1 and Q2, it seems Wall Street still can’t quite decide what to do with the streaming giant. Overall, however, sentiment seems bullish, with a few dissenting bears making their presence known. It’s one to watch, and we will keep you updated on notable shifts.
This would bypass fears of the virus lockdowns impacting box office takings in a more traditional theater environment entirely.
The point’s been rendered slightly moot at the moment, given ‘No Time to Die’ has been pushed back to a 2021 release alongside other potential blockbuster tentpoles such as Dune, The Batman, and Black Widow.
While ‘No Time to Die’ may be the biggest film suggested to go direct-to-stream, it’s far from the only one.
Sony and Paramount have already boosted their bottom lines by millions this year selling movies to streaming services, leaving the struggling exhibition industry and its uncertain future out of the deal entirely.
Insiders from MGM suggest the price tag for the next installment in the 007 franchise would be around the $600 million marks anyway, far beyond the pockets of even the bravest streaming services.
Not to mention any such deal would still require the approval of Eon production company, who may well not want to see Daniel Craig’s last outing as 007 skip the theater environment for the first time in film history.
With the knock-on effects of the global health crisis still rippling through our lives, even the usual awards ceremony campaign trail can’t go ahead as previously.
The Golden Globes were bumped from their typical January slot to a later date, and the field they are nominating from has been profoundly impacted by the films that didn’t get made, as well as the ones that did.
With that in mind, BLAKE & WANG P.A entertainment lawyer San Francisco dives deeper into the Golden Globe nominations.A virtual ceremony and moreBefore getting into the nitty-gritty, however, it’s worth a mention that the ceremony- now slated for the end of February- will itself go virtual this year, a first in its 78 years of history.
That aside, however, this award season definitely saw some presumed guaranteed nominations snubbed, so let’s take a closer look.Meryl Streep, Delroy Lindo, and Ben AffleckMeryl Streep makes a noted- if sad- milestone in her acting career with this year’s Golden Globe snub.
She’s joined by veteran actor Delroy Lindo, whose performance in Da 5 Bloods has already netted him some award-season wins.
Kate Winslet (Ammonite), another actress typically favored by the Globes, probably will miss out on the Oscars too with this latest snub.
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