Emma Roth
Here’s a breakdown of the Hollywood strikes’ effects on Netflix.
In this video, I talk about how the strikes have increased Netflix’s free cash flow, and what they may mean for new movies and TV shows going forward.
Emma Roth
News Writer
News Writer
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Emma Roth
Sergey Brin, back at work.
Months after we heard Google founder Sergey Brin made a reappearance at Google amidst the rise of ChatGPT, now a report from The Wall Street Journal suggests Brin’s return might be more permanent than we thought.
Sources tell the WSJ that Brin has been visiting Google’s offices three to four days per week to help build Google’s Gemini AI model. Brin has not only “convened weekly discussions of new AI research with Google employees,” but has also taken point in “the hiring of sought-after researchers,” the WSJ reports.
Emma Roth
Netflix’s co-CEO says the Hollywood strikes were “not an outcome that we wanted.”
During Netflix’s earnings call on Wednesday, co-CEO Ted Sarandos opened with a statement about the writers’ and actors’ strike:
You should know that nobody here nobody within the AMPTP... took any of this lightly. But we’ve got a lot of work to do. There have a handful of complicated issues. We’re super committed to getting to an agreement as soon as possible — one that’s equitable, and one that enables the the industry and everybody in it to move forward into the future.
The AMPTP still isn’t budging on the conditions that writers and actors want, including higher streaming residuals and protections surrounding the use of AI.
Emma Roth
Netflix figures it will have an extra $1.5 billion in free cash flow this year due to the Hollywood strikes.
Netflix says it expects a free cash flow of at least $5 billion in 2023 — $1.5 billion more than its original $3.5 billion estimate, citing the “ongoing WGA and SAG-AFTRA strikes,” but noting there could be “lumpiness” moving to 2024.
The strikes have already shut down several Netflix productions, including Stranger Things, Big Mouth, Emily in Paris, and more.
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