ZT:Netflix: Worst Business Model Ever (谈股论金) 427次阅读
作者: Dolphin 
, 发表于: 2017-07-27 (2472天前) @ 新东
Summary
The market thinks that Netflix is disrupting the media industry and has a great business model.
I agree that Netflix has changed the media landscape, but it has a terrible business model.
Netflix misses multiple revenue opportunities that traditional media companies enjoy.
Netflix's business model requires the company to pump out new content often, making billions of dollars of content investment a regular expense.
Data shows that Netflix has not been able to leverage subscriber growth to reduce content costs on a per subscriber basis.
Despite the fact that Netflix (NFLX) burned another $535 million of cash in Q2, the market cheered as the amount of net subscriber additions soared to 5.2 million. To the market, grabbing market share is much more important than generating cash flow. On the surface, the idea makes sense, as investors should be willing to tolerate short-term cash losses in exchange for higher cash flows in the future. As the monthly fee is essentially 100% margin, investors are willing to overlook Netflix’s cash burn today. However, I believe that this is the wrong way to look at the company.
Terrible Business Model
Netflix makes a lot of original content, and I admit that some of it is very good. However, what’s good for the consumer may not be good for the company. In a typical media value chain, money is not only made at the consumer level; money is also made through advertisements. Before the advent of Netflix, consumers paid a monthly fee for cable and watched ads, generating more revenue for media companies. Furthermore, a single season could earn the monthly fee and ad revenue multiple times. For example, a 24 weekly-episode season meant that consumers had to pay six months of cable and watch a plethora of ads between the breaks. On the other hand, Netflix allows consumers to binge watch the entire season for a flat monthly fee. Because there is no pacing of episodes, the company must continue to pump out new content just to keep existing subscribers happy.
完整帖子:
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- 新东, 2017-07-26 ![[*]](themes/web_2.0/images/complete_thread.png "打开整个主题")
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- 周四重点关注：
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将年底铁矿石目标价由55美元/吨上调至60美元/吨。
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- ZT:Netflix: Worst Business Model Ever - Dolphin, 2017-07-27
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