Netflix, Citing Reduced Spending Due to Strike, Ups Free Cash Flow Estimate by $1.5B
The streaming giant had been expected to spend around $17 billion on programming content this year. In its second quarter, Netflix gained 5.9 million subscribers as it built a total global paid membership base of 238.39 million.
In its last earnings update in April, Netflix co-CEO Ted Sarandos described the company as being prepared if the writers went on strike, saying, “we had to make plans for the worst and so we do have a pretty robust slate of releases to take us into a long time.” With the Writers Guild of America strike kicking off on May 2 and SAG-AFTRA joining the fray on July 13, Netflix is the first Hollywood studio to disclose earnings figures amid the actors’ work stoppage. Comcast, home to NBCUniversal, will report on July 27 followed by Warner Bros. Discovery and Disney .
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