Netflix, one of the villains at the heart of the strikes in Hollywood, added almost 6 million new subscribers in the just-ended quarter.
now says it expects to have $5 billion in free cash flow this year, up from $3.5 billion. Because of striking actors and writers, Netflix has confirmed that its expenses will decrease for the time being.
In short, Netflix’s earnings report today shows that its business is booming. Netflix’s cash is piling up, it keeps finding millions of new paying subscribers, it’s ramped up an advertising business, it’s reaping more money now that people can’t share their passwords, and its considerable international presence means it won’t be hurting for new content for quite a while — nevermind that Hollywood productions have now ground to a halt because of the strikes.
Still, the streamer’s centrality to the work stoppage in Tinseltown can’t be ignored. Actors, for example, are increasingly furious and vocal about unfair wages, such aswho lamented the fact that her exposed body “will live on in perpetuity” on Netflix, while she makes almost nothing inStriking WGA workers picket outside Netflix offices on July 12, 2023, in Los Angeles, California.
As a reminder of some of the biggest and best content from the quarter that helped power the Q2 Netflix earnings:
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