Netflix Co-Chief Executive Officer Ted Sarandos has said the streaming giant is not growing as quickly as expected, as the company increases spending on live programming, theatrical releases and artificial intelligence to drive engagement among its 325 million subscribers.
Sarandos disclosed this on Wednesday at the Bloomberg Screentime conference in Los Angeles, noting that Netflix is working to accelerate growth as engagement shows signs of slowing.
Netflix is expanding beyond its traditional film and television business as it looks for ways to increase the amount of time subscribers spend on the platform.
About 5% of Netflix’s $20 billion content budget, equivalent to roughly $1 billion, is being allocated to live programming.
Netflix engagement growth slows “Overall, we’re not growing as fast as I want us to, and we’re working on making that move faster,” Sarandos said.
Netflix recorded a 2% increase in engagement during its latest reporting period,
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