Reed Hastings, the CEO of Netflix, has spoken on the future of traditional television, a system in which a viewer watches a program once it debuts on its original network.
“It's the end of linear TV over the next five to 10 years,” Hastings revealed during an investor's call on Tuesday while discussing Netflix's subscriber results for Q2.
While Netflix lost nearly a million subscribers in Q2, it remains on top as the world's biggest streaming service. Netflix subscribers are down less than half of the two million it predicted they would lose by June 30.
Despite the drop, Netflix boasted about how much time its content has been seen in a letter to shareholders, noting that it drew more TV viewing time than any other outlet during the 2021-22 TV season, nearly matching the combined total of the two most watched broadcast networks.
Netflix also cited that its overall engagement among TV viewership in the U.S. has increased, hitting a record high of 7.7% in June 2022 compared to 6.6% in June last year.
Netflix, Inc. is an American over-the-top content platform and production company headquartered in Los Gatos, California. Netflix's primary business is a subscription-based streaming service offering online streaming from a library of films and television series, including those produced in-house. As of April 2021, Netflix had over 208 million paid subscriptions worldwide, including 74 million in the United States. It is available globally except in Mainland China, Syria, North Korea, and Crimea. The company also has offices in the Netherlands, Brazil, India, Japan, and South Korea. Netflix is a Motion Picture Association (MPA) member, producing and distributing content from countries all over the globe.
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