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Netflix’s First Quarter Shocker Is Driving Tougher Scrutiny of the Streaming Market

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variety.com

Netflix’s subscriber growth slowdown at the 222 million mark portends things to come for other major streamers is one of the biggest unknowns fueling media stock volatility.

Hollywood has staked its hopes for growth over the past few years on drawing subscribers from the global market thanks to streaming’s ability to reach beyond geographic borders.Indeed, the mere suggestion that Netflix’s subscriber base may plateau at around a quarter-billion subs — after the company invested more than $87 billion in content since 2013 — contributed to Wall Street’s latest wave of sell-offs in the media and tech sector.

The emerging 250 million benchmark is vastly different from lofty projections that broad-based services would steadily add customers from the growing pool of more than 1 billion broadband-equipped pay TV households worldwide. “The long-term total addressable market hasn’t changed … but with economic weakness, it looks like it’s going to take longer to get to a billion subscribers.

The pace may be slower,” Rich Greenfield, partner and analyst at LightShed Partners, tells Variety.Greenfield has championed the ascendancy of the direct-to-consumer model as linear TV viewing has steadily gone south.

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