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2021-06-09

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Why Netflix’s Leading Position in Streaming May Be In Trouble<blockquote>为什么Netflix在流媒体领域的领先地位可能陷入困境</blockquote>

Rising competition from deep-pocketed rivals such as Disney, Amazon and Discovery/ WarnerMedia threa

Why Netflix’s Leading Position in Streaming May Be In Trouble<blockquote>为什么Netflix在流媒体领域的领先地位可能陷入困境</blockquote>

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For years, Netflix&nbsp;(NFLX) -Get Report&nbsp;has been nearly synonymous with streaming movies and television, even spawning popular memes incorporating the streaming service in the same way one might refer to Kleenex.<blockquote>来自迪士尼、亚马逊和Discovery/WarnerMedia等财力雄厚的竞争对手的日益激烈的竞争有可能侵蚀Netflix曾经对流媒体行业的铁腕控制。多年来，Netflix（NFLX)-Get Report几乎是流媒体电影和电视的代名词，甚至催生了包含流媒体服务的流行模因，就像人们可能提到面巾纸一样。</blockquote> However, a growing cavalcade of challengers with both sizable pocketbooks and existing video catalogs could soon cut into not only the company’s cultural significance, but its prized place as the top streaming service.<blockquote>然而，越来越多拥有庞大钱包和现有视频目录的挑战者可能很快不仅会削弱该公司的文化意义，还会削弱其作为顶级流媒体服务的宝贵地位。</blockquote> In fact, the recent string of blockbuster deals in the streaming space is only adding to an alarming trend of market share declines in recent years.<blockquote>事实上，流媒体领域最近发生的一系列重磅交易只是加剧了近年来市场份额下降的惊人趋势。</blockquote> According to market research firm Ampere Analysis, Netflix’s U.S. market share in streaming has been reduced from nearly one-third of the total market at the end of 2019 to only one-fifth at the end of 2020. Additionally, fellow market research firm Parrot Analytics notes that about 50% of U.S. streaming service consumers tout Netflix’s original content as the most-demanded in 2021. While this still leads the market, it is a significant reduction from the approximately 65% rate notched only two years ago.<blockquote>根据市场研究公司Ampere Analysis的数据，奈飞在美国流媒体市场的份额已经从2019年底占总市场的近三分之一减少到2020年底的仅五分之一。此外，市场研究公司Parrot Analytics指出，约50%的美国流媒体服务消费者将Netflix的原创内容视为2021年需求最大的内容。虽然这仍然领先于市场，但与两年前约65%的比率相比已大幅下降。</blockquote> Growing Competition<blockquote>竞争日益激烈</blockquote> Of course, one of the main reasons for this decline is the surge in choices available to consumers as compared to years prior. Netflix was relatively unchallenged in 2015, having triple the U.S. share of its nearest competitor at the time in Amazon&nbsp;(AMZN) -Get Report, which was also the only competitor to hold a double digit market share, according to Nielsen. But in 2020, three competitors -- Amazon, Disney&nbsp;(DIS) -Get Report&nbsp;(both with Disney+ and Hulu) and AT&amp;T's&nbsp;(T) -Get Report&nbsp;HBO Max -- held double-digit market shares, encroaching upon Netflix's 21% slice of the streaming market.<blockquote>当然，这种下降的主要原因之一是与前几年相比，消费者的选择激增。Netflix在2015年相对没有受到挑战，其在美国的份额是当时最接近的竞争对手亚马逊的三倍（AMZN)-根据尼尔森的数据，Get Report也是唯一一家占据两位数市场份额的竞争对手。但在2020年，三个竞争对手——亚马逊、迪士尼（说）-获取报告（Disney+和Hulu）和AT&amp;T的（T)-获取报告HBO Max-占据两位数的市场份额，蚕食Netflix 21%的流媒体市场份额。</blockquote> Of additional concern is the fact that many of Netflix’s newer competitors are entering the streaming landscape with very deep pockets, extensive catalogs of content already familiar to consumers or in some cases, both.<blockquote>更令人担忧的是，Netflix的许多新竞争对手正在进入流媒体领域，他们拥有非常雄厚的财力、消费者已经熟悉的广泛内容目录，或者在某些情况下，两者兼而有之。</blockquote> Sgt. Keith L. Craig, an executive at Disney who manages theatrical sales and distribution, noted in an interview with TheStreet that while Netflix was a trailblazer, the company has not been innovative enough to maintain a lead over its hard charging competitors, many of whom had aided Netflix’s rise by initially allowing it to host their content.<blockquote>中士。迪士尼负责影院销售和发行的高管基思·L·克雷格(Keith L.Craig)在接受TheStreet采访时指出，虽然Netflix是开拓者，但该公司的创新能力不足以保持对硬收费竞争对手的领先地位，其中许多竞争对手最初允许Netflix托管其内容，从而帮助Netflix崛起。</blockquote> “Before launching, Disney took back their content from Netflix which left Netflix in a vulnerable position,” Craig said. “Netflix is now competing with some of the top production companies in the world and they have to stay consistent to not be replaced by a force like Disney.”<blockquote>克雷格说：“在推出之前，迪士尼从Netflix收回了他们的内容，这使Netflix处于弱势地位。”Netflix, Inc.现在正在与世界上一些顶级制作公司竞争，他们必须保持一致，以免被迪斯尼这样的力量取代。”</blockquote> In order to sustain this competition and make up for the loss of content, the company has needed to pursue heavy spending sprees on original content, often funded by debt. The company’s cash burn has thus been a lingering concern, despite Netflix CFO Spencer Neumann's efforts to assuage investors.<blockquote>为了维持这种竞争并弥补内容的损失，该公司需要在原创内容上大举支出，通常由债务提供资金。因此，尽管Netflix首席财务官斯宾塞·诺伊曼(Spencer Neumann)努力安抚投资者，但该公司的现金消耗一直是一个挥之不去的担忧。</blockquote> \"We think we've turned the corner on that ...cash flow story so we expect to be about cash flow breakeven this year and then sustainably free cash flow positive and growing thereafter,\" Neumann told analysts during the company's first quarter earnings call in April.<blockquote>诺伊曼在公司第一季度财报中对分析师表示：“我们认为我们已经扭转了……现金流故事的局面，因此我们预计今年将实现现金流盈亏平衡，然后自由现金流可持续为正并在此后增长。”四月看涨期权。</blockquote> Still, as the company seeks to up its spending from a coronavirus-hit content spend of $11.8 billion in 2020 to $17 billion in 2021, there remains a degree of skepticism about the sustainability of the recent encouraging cash-flow trend. Indeed, there is reason to suspect it was paradoxically aided by coronavirus due to necessary cuts in content spending and production.<blockquote>尽管如此，随着该公司寻求将其支出从2020年受冠状病毒影响的118亿美元增加到2021年的170亿美元，人们对最近令人鼓舞的现金流趋势的可持续性仍然存在一定程度的怀疑。事实上，有理由怀疑，由于内容支出和制作的必要削减，冠状病毒自相矛盾地帮助了它。</blockquote> Cash burn is less of an issue for primary rival Disney, given the entertainment giant’s back catalog of content that spans over a century. That existing content adds to Disney’s well-known prowess for producing hit movies to the present day, consistently charting some of thehighest grossing films in history in recent years.<blockquote>考虑到这家娱乐巨头的旧内容目录跨越了一个多世纪，对于主要竞争对手迪士尼来说，现金消耗并不是一个问题。这些现有的内容增加了迪士尼迄今为止制作热门电影的众所周知的实力，近年来一直是历史上票房最高的电影。</blockquote> And among the growing list of other competitors in the streaming space, cash burn is also not likely to be an obstacle.<blockquote>在流媒体领域越来越多的其他竞争对手中，烧钱也不太可能成为障碍。</blockquote> “Apple&nbsp;(AAPL) -Get Report, Amazon and Google&nbsp;(GOOGL) -Get Report&nbsp;all compete with Netflix in video streaming and content, and can deploy vast war chests of cash in pursuit of competitive advantage,” said Barry Randall, chief investment officer of Crabtree Asset Management.<blockquote>\"苹果(AAPL)-获取报告，亚马逊和谷歌(GOOGL）-Get Report都在视频流和内容方面与Netflix竞争，并且可以部署大量现金来追求竞争优势，”Crabtree Asset Management首席投资官Barry Randall表示。</blockquote> Consolidation on the Rise<blockquote>整合呈上升趋势</blockquote> Indeed, Amazon is the latest to signal its intention to spend big on bolstering its content catalog by recentlyacquiring MGM Studios for $8.45 billion.<blockquote>事实上，亚马逊最近以84.5亿美元收购了米高梅工作室，表明其打算斥巨资加强其内容目录。</blockquote> “MGM’s content library and upcoming film slate give a significant boost to Prime Video's library,” JMP Securities analyst Ronald Josey wrote in a note assessing the deal. “Collectively MGM content has won 180 Academy Awards and 100 Emmys, and Amazon also benefits from its robust upcoming slate of films that further strengthens Amazon’s Prime Video offering.”<blockquote>JMP证券分析师罗纳德·乔西(Ronald Josey)在评估该交易的报告中写道：“米高梅的内容库和即将上映的电影阵容极大地推动了Prime Video的库。”“米高梅的内容总共赢得了180项奥斯卡奖和100项艾美奖，亚马逊也受益于其即将推出的强大电影系列，这些电影进一步增强了亚马逊的Prime Video产品。”</blockquote> Josey added that a robust back catalog of over 4,000 films, including fan favorites like the James Bond and Legally Blonde franchises, as well as 17,000 TV shows, including popular series such asThe Handmaid’s TaleandFargo.<blockquote>乔西补充说，超过4,000部电影的强大背景目录，包括粉丝最喜欢的詹姆斯·邦德和律政俏佳人系列，以及17,000部电视节目，包括热门剧集，例如女仆的故事和法戈.</blockquote> Amazon is only the latest to leverage M&amp;A to try to close in on Netflix’s once-comfortable lead in streaming. And the heavy competition has encouraged laggards to join forces to challenge Netflix rather than fight amongst themselves for more meager market share.<blockquote>亚马逊只是最新一家利用并购试图逼近Netflix在流媒体领域一度占据领先地位的公司。激烈的竞争鼓励落后者联手挑战Netflix，而不是为了争夺更微薄的市场份额而自相残杀。</blockquote> This trend was highlighted byDiscovery’s&nbsp;(DISCA) -Get Report&nbsp;recent$43-billion deal for WarnerMedia, driven in large part by the desire to add the popular HBO streaming service to its offerings. Additionally, the deal combined HBO’s handsome back catalog with content from CNN, DC Comics, and Cartoon Network to its existing content such as HGTV, the Food Network and Animal Planet.<blockquote>Discovery的（圆盘)-获取报告最近与WarnerMedia达成的430亿美元交易，这在很大程度上是出于将流行的HBO流媒体服务添加到其产品中的愿望。此外，该交易将HBO漂亮的旧目录与CNN、DC Comics和Cartoon Network的内容合并到HGTV、Food Network和Animal Planet等现有内容中。</blockquote> Moving forward, many are expecting similar deals, perhaps from the already relatively recently combined company of ViacomCBS&nbsp;(VIACA) -Get Report.<blockquote>展望未来，许多人预计会有类似的交易，也许来自最近合并的维亚康姆哥伦比亚广播公司（ViacomCBS）（维亚卡)-获取报告。</blockquote> \"Various recent press reports have suggested Viacom as a potential target with several assets that could command a premium,\" Bank of America analyst Jessica Reif Ehrlich wrote in a recent note. “VIAC’s deep breadth of content (library of 140,000-plus TV episodes and 3,600-plus films across sports, movies, comedy, news, children, etc.) has value as an entire entity or if sold in individual parts.”<blockquote>美国银行分析师杰西卡·赖夫·埃利希(Jessica Reif Ehrlich)在最近的一份报告中写道：“最近的各种媒体报道表明，维亚康姆是一个潜在目标，其多项资产可能会获得溢价。”“VIAC丰富的内容（包含140,000多集电视剧和3,600多部电影，涵盖体育、电影、喜剧、新闻、儿童等）作为一个整体或单独出售都具有价值。”</blockquote> While Amazon’s deal for MGM might remove an anticipated bidder, the sizable library could prove an appetizing acquisition for other major players like Apple and Google as they try to move past beyond current competitors like Comcast’s CMCSA Peacock platform, and closer to Netflix’s top tier.<blockquote>虽然亚马逊收购米高梅的交易可能会消除预期的竞购者，但对于苹果和谷歌等其他主要参与者来说，规模庞大的图书馆可能是一项令人垂涎的收购，因为它们试图超越Comcast的CMCSA Peacock平台等当前竞争对手，并更接近Netflix的顶级平台。</blockquote> Overall, industry consolidation is likely to only further threaten Netflix’s lead and allow for clearer choices for consumers that might be overwhelmed by the slate of options in the arguably oversaturated streaming industry.<blockquote>总体而言，行业整合可能只会进一步威胁Netflix的领先地位，并为消费者提供更清晰的选择，这些消费者可能会被可以说已经过饱和的流媒体行业的众多选择所淹没。</blockquote> To be sure, Netflix has been able to maintain its industry-leading market share for quite some time, with original content increasingly undergirding its success. Further, the service appears to be quite sticky as its churn rate of only 2.4% remains exceedingly low despite the significantly increased competition it has been facing.<blockquote>可以肯定的是，Netflix能够在相当长的一段时间内保持其行业领先的市场份额，原创内容越来越多地巩固了其成功。此外，该服务似乎相当具有粘性，尽管面临的竞争显着加剧，但其流失率仅为2.4%，仍然极低。</blockquote> The question that will arise is when the competition becomes too compelling to keep ahead of. Given the cash being poured into the streaming space to create appealing content, that question is only going to loom larger for Netflix in the near future.<blockquote>将出现的问题是，当竞争变得过于激烈而无法保持领先时。鉴于大量资金涌入流媒体领域以创造有吸引力的内容，在不久的将来，这个问题对Netflix来说只会变得更加突出。</blockquote>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Netflix’s Leading Position in Streaming May Be In Trouble<blockquote>为什么Netflix在流媒体领域的领先地位可能陷入困境</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Netflix’s Leading Position in Streaming May Be In Trouble<blockquote>为什么Netflix在流媒体领域的领先地位可能陷入困境</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Street2021-06-09 20:41\n\n</h4>\n</header>\n<article>\n Rising competition from deep-pocketed rivals such as Disney, Amazon and Discovery/ WarnerMedia threatens to erode Netflix’s once iron grip on the streaming industry. For years, Netflix&nbsp;(NFLX) -Get Report&nbsp;has been nearly synonymous with streaming movies and television, even spawning popular memes incorporating the streaming service in the same way one might refer to Kleenex.<blockquote>来自迪士尼、亚马逊和Discovery/WarnerMedia等财力雄厚的竞争对手的日益激烈的竞争有可能侵蚀Netflix曾经对流媒体行业的铁腕控制。多年来，Netflix（NFLX)-Get Report几乎是流媒体电影和电视的代名词，甚至催生了包含流媒体服务的流行模因，就像人们可能提到面巾纸一样。</blockquote> However, a growing cavalcade of challengers with both sizable pocketbooks and existing video catalogs could soon cut into not only the company’s cultural significance, but its prized place as the top streaming service.<blockquote>然而，越来越多拥有庞大钱包和现有视频目录的挑战者可能很快不仅会削弱该公司的文化意义，还会削弱其作为顶级流媒体服务的宝贵地位。</blockquote> In fact, the recent string of blockbuster deals in the streaming space is only adding to an alarming trend of market share declines in recent years.<blockquote>事实上，流媒体领域最近发生的一系列重磅交易只是加剧了近年来市场份额下降的惊人趋势。</blockquote> According to market research firm Ampere Analysis, Netflix’s U.S. market share in streaming has been reduced from nearly one-third of the total market at the end of 2019 to only one-fifth at the end of 2020. Additionally, fellow market research firm Parrot Analytics notes that about 50% of U.S. streaming service consumers tout Netflix’s original content as the most-demanded in 2021. While this still leads the market, it is a significant reduction from the approximately 65% rate notched only two years ago.<blockquote>根据市场研究公司Ampere Analysis的数据，奈飞在美国流媒体市场的份额已经从2019年底占总市场的近三分之一减少到2020年底的仅五分之一。此外，市场研究公司Parrot Analytics指出，约50%的美国流媒体服务消费者将Netflix的原创内容视为2021年需求最大的内容。虽然这仍然领先于市场，但与两年前约65%的比率相比已大幅下降。</blockquote> Growing Competition<blockquote>竞争日益激烈</blockquote> Of course, one of the main reasons for this decline is the surge in choices available to consumers as compared to years prior. Netflix was relatively unchallenged in 2015, having triple the U.S. share of its nearest competitor at the time in Amazon&nbsp;(AMZN) -Get Report, which was also the only competitor to hold a double digit market share, according to Nielsen. But in 2020, three competitors -- Amazon, Disney&nbsp;(DIS) -Get Report&nbsp;(both with Disney+ and Hulu) and AT&amp;T's&nbsp;(T) -Get Report&nbsp;HBO Max -- held double-digit market shares, encroaching upon Netflix's 21% slice of the streaming market.<blockquote>当然，这种下降的主要原因之一是与前几年相比，消费者的选择激增。Netflix在2015年相对没有受到挑战，其在美国的份额是当时最接近的竞争对手亚马逊的三倍（AMZN)-根据尼尔森的数据，Get Report也是唯一一家占据两位数市场份额的竞争对手。但在2020年，三个竞争对手——亚马逊、迪士尼（说）-获取报告（Disney+和Hulu）和AT&amp;T的（T)-获取报告HBO Max-占据两位数的市场份额，蚕食Netflix 21%的流媒体市场份额。</blockquote> Of additional concern is the fact that many of Netflix’s newer competitors are entering the streaming landscape with very deep pockets, extensive catalogs of content already familiar to consumers or in some cases, both.<blockquote>更令人担忧的是，Netflix的许多新竞争对手正在进入流媒体领域，他们拥有非常雄厚的财力、消费者已经熟悉的广泛内容目录，或者在某些情况下，两者兼而有之。</blockquote> Sgt. Keith L. Craig, an executive at Disney who manages theatrical sales and distribution, noted in an interview with TheStreet that while Netflix was a trailblazer, the company has not been innovative enough to maintain a lead over its hard charging competitors, many of whom had aided Netflix’s rise by initially allowing it to host their content.<blockquote>中士。迪士尼负责影院销售和发行的高管基思·L·克雷格(Keith L.Craig)在接受TheStreet采访时指出，虽然Netflix是开拓者，但该公司的创新能力不足以保持对硬收费竞争对手的领先地位，其中许多竞争对手最初允许Netflix托管其内容，从而帮助Netflix崛起。</blockquote> “Before launching, Disney took back their content from Netflix which left Netflix in a vulnerable position,” Craig said. “Netflix is now competing with some of the top production companies in the world and they have to stay consistent to not be replaced by a force like Disney.”<blockquote>克雷格说：“在推出之前，迪士尼从Netflix收回了他们的内容，这使Netflix处于弱势地位。”Netflix, Inc.现在正在与世界上一些顶级制作公司竞争，他们必须保持一致，以免被迪斯尼这样的力量取代。”</blockquote> In order to sustain this competition and make up for the loss of content, the company has needed to pursue heavy spending sprees on original content, often funded by debt. The company’s cash burn has thus been a lingering concern, despite Netflix CFO Spencer Neumann's efforts to assuage investors.<blockquote>为了维持这种竞争并弥补内容的损失，该公司需要在原创内容上大举支出，通常由债务提供资金。因此，尽管Netflix首席财务官斯宾塞·诺伊曼(Spencer Neumann)努力安抚投资者，但该公司的现金消耗一直是一个挥之不去的担忧。</blockquote> \"We think we've turned the corner on that ...cash flow story so we expect to be about cash flow breakeven this year and then sustainably free cash flow positive and growing thereafter,\" Neumann told analysts during the company's first quarter earnings call in April.<blockquote>诺伊曼在公司第一季度财报中对分析师表示：“我们认为我们已经扭转了……现金流故事的局面，因此我们预计今年将实现现金流盈亏平衡，然后自由现金流可持续为正并在此后增长。”四月看涨期权。</blockquote> Still, as the company seeks to up its spending from a coronavirus-hit content spend of $11.8 billion in 2020 to $17 billion in 2021, there remains a degree of skepticism about the sustainability of the recent encouraging cash-flow trend. Indeed, there is reason to suspect it was paradoxically aided by coronavirus due to necessary cuts in content spending and production.<blockquote>尽管如此，随着该公司寻求将其支出从2020年受冠状病毒影响的118亿美元增加到2021年的170亿美元，人们对最近令人鼓舞的现金流趋势的可持续性仍然存在一定程度的怀疑。事实上，有理由怀疑，由于内容支出和制作的必要削减，冠状病毒自相矛盾地帮助了它。</blockquote> Cash burn is less of an issue for primary rival Disney, given the entertainment giant’s back catalog of content that spans over a century. That existing content adds to Disney’s well-known prowess for producing hit movies to the present day, consistently charting some of thehighest grossing films in history in recent years.<blockquote>考虑到这家娱乐巨头的旧内容目录跨越了一个多世纪，对于主要竞争对手迪士尼来说，现金消耗并不是一个问题。这些现有的内容增加了迪士尼迄今为止制作热门电影的众所周知的实力，近年来一直是历史上票房最高的电影。</blockquote> And among the growing list of other competitors in the streaming space, cash burn is also not likely to be an obstacle.<blockquote>在流媒体领域越来越多的其他竞争对手中，烧钱也不太可能成为障碍。</blockquote> “Apple&nbsp;(AAPL) -Get Report, Amazon and Google&nbsp;(GOOGL) -Get Report&nbsp;all compete with Netflix in video streaming and content, and can deploy vast war chests of cash in pursuit of competitive advantage,” said Barry Randall, chief investment officer of Crabtree Asset Management.<blockquote>\"苹果(AAPL)-获取报告，亚马逊和谷歌(GOOGL）-Get Report都在视频流和内容方面与Netflix竞争，并且可以部署大量现金来追求竞争优势，”Crabtree Asset Management首席投资官Barry Randall表示。</blockquote> Consolidation on the Rise<blockquote>整合呈上升趋势</blockquote> Indeed, Amazon is the latest to signal its intention to spend big on bolstering its content catalog by recentlyacquiring MGM Studios for $8.45 billion.<blockquote>事实上，亚马逊最近以84.5亿美元收购了米高梅工作室，表明其打算斥巨资加强其内容目录。</blockquote> “MGM’s content library and upcoming film slate give a significant boost to Prime Video's library,” JMP Securities analyst Ronald Josey wrote in a note assessing the deal. “Collectively MGM content has won 180 Academy Awards and 100 Emmys, and Amazon also benefits from its robust upcoming slate of films that further strengthens Amazon’s Prime Video offering.”<blockquote>JMP证券分析师罗纳德·乔西(Ronald Josey)在评估该交易的报告中写道：“米高梅的内容库和即将上映的电影阵容极大地推动了Prime Video的库。”“米高梅的内容总共赢得了180项奥斯卡奖和100项艾美奖，亚马逊也受益于其即将推出的强大电影系列，这些电影进一步增强了亚马逊的Prime Video产品。”</blockquote> Josey added that a robust back catalog of over 4,000 films, including fan favorites like the James Bond and Legally Blonde franchises, as well as 17,000 TV shows, including popular series such asThe Handmaid’s TaleandFargo.<blockquote>乔西补充说，超过4,000部电影的强大背景目录，包括粉丝最喜欢的詹姆斯·邦德和律政俏佳人系列，以及17,000部电视节目，包括热门剧集，例如女仆的故事和法戈.</blockquote> Amazon is only the latest to leverage M&amp;A to try to close in on Netflix’s once-comfortable lead in streaming. And the heavy competition has encouraged laggards to join forces to challenge Netflix rather than fight amongst themselves for more meager market share.<blockquote>亚马逊只是最新一家利用并购试图逼近Netflix在流媒体领域一度占据领先地位的公司。激烈的竞争鼓励落后者联手挑战Netflix，而不是为了争夺更微薄的市场份额而自相残杀。</blockquote> This trend was highlighted byDiscovery’s&nbsp;(DISCA) -Get Report&nbsp;recent$43-billion deal for WarnerMedia, driven in large part by the desire to add the popular HBO streaming service to its offerings. Additionally, the deal combined HBO’s handsome back catalog with content from CNN, DC Comics, and Cartoon Network to its existing content such as HGTV, the Food Network and Animal Planet.<blockquote>Discovery的（圆盘)-获取报告最近与WarnerMedia达成的430亿美元交易，这在很大程度上是出于将流行的HBO流媒体服务添加到其产品中的愿望。此外，该交易将HBO漂亮的旧目录与CNN、DC Comics和Cartoon Network的内容合并到HGTV、Food Network和Animal Planet等现有内容中。</blockquote> Moving forward, many are expecting similar deals, perhaps from the already relatively recently combined company of ViacomCBS&nbsp;(VIACA) -Get Report.<blockquote>展望未来，许多人预计会有类似的交易，也许来自最近合并的维亚康姆哥伦比亚广播公司（ViacomCBS）（维亚卡)-获取报告。</blockquote> \"Various recent press reports have suggested Viacom as a potential target with several assets that could command a premium,\" Bank of America analyst Jessica Reif Ehrlich wrote in a recent note. “VIAC’s deep breadth of content (library of 140,000-plus TV episodes and 3,600-plus films across sports, movies, comedy, news, children, etc.) has value as an entire entity or if sold in individual parts.”<blockquote>美国银行分析师杰西卡·赖夫·埃利希(Jessica Reif Ehrlich)在最近的一份报告中写道：“最近的各种媒体报道表明，维亚康姆是一个潜在目标，其多项资产可能会获得溢价。”“VIAC丰富的内容（包含140,000多集电视剧和3,600多部电影，涵盖体育、电影、喜剧、新闻、儿童等）作为一个整体或单独出售都具有价值。”</blockquote> While Amazon’s deal for MGM might remove an anticipated bidder, the sizable library could prove an appetizing acquisition for other major players like Apple and Google as they try to move past beyond current competitors like Comcast’s CMCSA Peacock platform, and closer to Netflix’s top tier.<blockquote>虽然亚马逊收购米高梅的交易可能会消除预期的竞购者，但对于苹果和谷歌等其他主要参与者来说，规模庞大的图书馆可能是一项令人垂涎的收购，因为它们试图超越Comcast的CMCSA Peacock平台等当前竞争对手，并更接近Netflix的顶级平台。</blockquote> Overall, industry consolidation is likely to only further threaten Netflix’s lead and allow for clearer choices for consumers that might be overwhelmed by the slate of options in the arguably oversaturated streaming industry.<blockquote>总体而言，行业整合可能只会进一步威胁Netflix的领先地位，并为消费者提供更清晰的选择，这些消费者可能会被可以说已经过饱和的流媒体行业的众多选择所淹没。</blockquote> To be sure, Netflix has been able to maintain its industry-leading market share for quite some time, with original content increasingly undergirding its success. Further, the service appears to be quite sticky as its churn rate of only 2.4% remains exceedingly low despite the significantly increased competition it has been facing.<blockquote>可以肯定的是，Netflix能够在相当长的一段时间内保持其行业领先的市场份额，原创内容越来越多地巩固了其成功。此外，该服务似乎相当具有粘性，尽管面临的竞争显着加剧，但其流失率仅为2.4%，仍然极低。</blockquote> The question that will arise is when the competition becomes too compelling to keep ahead of. Given the cash being poured into the streaming space to create appealing content, that question is only going to loom larger for Netflix in the near future.<blockquote>将出现的问题是，当竞争变得过于激烈而无法保持领先时。鉴于大量资金涌入流媒体领域以创造有吸引力的内容，在不久的将来，这个问题对Netflix来说只会变得更加突出。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.thestreet.com/investing/why-netflix-leading-position-in-streaming-may-be-in-trouble\">The Street</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.thestreet.com/investing/why-netflix-leading-position-in-streaming-may-be-in-trouble","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166867547","content_text":"Rising competition from deep-pocketed rivals such as Disney, Amazon and Discovery/ WarnerMedia threatens to erode Netflix’s once iron grip on the streaming industry.\n\nFor years, Netflix (NFLX) -Get Report has been nearly synonymous with streaming movies and television, even spawning popular memes incorporating the streaming service in the same way one might refer to Kleenex.\nHowever, a growing cavalcade of challengers with both sizable pocketbooks and existing video catalogs could soon cut into not only the company’s cultural significance, but its prized place as the top streaming service.\nIn fact, the recent string of blockbuster deals in the streaming space is only adding to an alarming trend of market share declines in recent years.\nAccording to market research firm Ampere Analysis, Netflix’s U.S. market share in streaming has been reduced from nearly one-third of the total market at the end of 2019 to only one-fifth at the end of 2020. Additionally, fellow market research firm Parrot Analytics notes that about 50% of U.S. streaming service consumers tout Netflix’s original content as the most-demanded in 2021. While this still leads the market, it is a significant reduction from the approximately 65% rate notched only two years ago.\nGrowing Competition\nOf course, one of the main reasons for this decline is the surge in choices available to consumers as compared to years prior. Netflix was relatively unchallenged in 2015, having triple the U.S. share of its nearest competitor at the time in Amazon (AMZN) -Get Report, which was also the only competitor to hold a double digit market share, according to Nielsen. But in 2020, three competitors -- Amazon, Disney (DIS) -Get Report (both with Disney+ and Hulu) and AT&T's (T) -Get Report HBO Max -- held double-digit market shares, encroaching upon Netflix's 21% slice of the streaming market.\nOf additional concern is the fact that many of Netflix’s newer competitors are entering the streaming landscape with very deep pockets, extensive catalogs of content already familiar to consumers or in some cases, both.\nSgt. Keith L. Craig, an executive at Disney who manages theatrical sales and distribution, noted in an interview with TheStreet that while Netflix was a trailblazer, the company has not been innovative enough to maintain a lead over its hard charging competitors, many of whom had aided Netflix’s rise by initially allowing it to host their content.\n“Before launching, Disney took back their content from Netflix which left Netflix in a vulnerable position,” Craig said. “Netflix is now competing with some of the top production companies in the world and they have to stay consistent to not be replaced by a force like Disney.”\nIn order to sustain this competition and make up for the loss of content, the company has needed to pursue heavy spending sprees on original content, often funded by debt. The company’s cash burn has thus been a lingering concern, despite Netflix CFO Spencer Neumann's efforts to assuage investors.\n\"We think we've turned the corner on that ...cash flow story so we expect to be about cash flow breakeven this year and then sustainably free cash flow positive and growing thereafter,\" Neumann told analysts during the company's first quarter earnings call in April.\nStill, as the company seeks to up its spending from a coronavirus-hit content spend of $11.8 billion in 2020 to $17 billion in 2021, there remains a degree of skepticism about the sustainability of the recent encouraging cash-flow trend. Indeed, there is reason to suspect it was paradoxically aided by coronavirus due to necessary cuts in content spending and production.\nCash burn is less of an issue for primary rival Disney, given the entertainment giant’s back catalog of content that spans over a century. That existing content adds to Disney’s well-known prowess for producing hit movies to the present day, consistently charting some of thehighest grossing films in history in recent years.\nAnd among the growing list of other competitors in the streaming space, cash burn is also not likely to be an obstacle.\n“Apple (AAPL) -Get Report, Amazon and Google (GOOGL) -Get Report all compete with Netflix in video streaming and content, and can deploy vast war chests of cash in pursuit of competitive advantage,” said Barry Randall, chief investment officer of Crabtree Asset Management.\nConsolidation on the Rise\nIndeed, Amazon is the latest to signal its intention to spend big on bolstering its content catalog by recentlyacquiring MGM Studios for $8.45 billion.\n“MGM’s content library and upcoming film slate give a significant boost to Prime Video's library,” JMP Securities analyst Ronald Josey wrote in a note assessing the deal. “Collectively MGM content has won 180 Academy Awards and 100 Emmys, and Amazon also benefits from its robust upcoming slate of films that further strengthens Amazon’s Prime Video offering.”\nJosey added that a robust back catalog of over 4,000 films, including fan favorites like the James Bond and Legally Blonde franchises, as well as 17,000 TV shows, including popular series such asThe Handmaid’s TaleandFargo.\nAmazon is only the latest to leverage M&A to try to close in on Netflix’s once-comfortable lead in streaming. And the heavy competition has encouraged laggards to join forces to challenge Netflix rather than fight amongst themselves for more meager market share.\nThis trend was highlighted byDiscovery’s (DISCA) -Get Report recent$43-billion deal for WarnerMedia, driven in large part by the desire to add the popular HBO streaming service to its offerings. Additionally, the deal combined HBO’s handsome back catalog with content from CNN, DC Comics, and Cartoon Network to its existing content such as HGTV, the Food Network and Animal Planet.\nMoving forward, many are expecting similar deals, perhaps from the already relatively recently combined company of ViacomCBS (VIACA) -Get Report.\n\"Various recent press reports have suggested Viacom as a potential target with several assets that could command a premium,\" Bank of America analyst Jessica Reif Ehrlich wrote in a recent note. “VIAC’s deep breadth of content (library of 140,000-plus TV episodes and 3,600-plus films across sports, movies, comedy, news, children, etc.) has value as an entire entity or if sold in individual parts.”\nWhile Amazon’s deal for MGM might remove an anticipated bidder, the sizable library could prove an appetizing acquisition for other major players like Apple and Google as they try to move past beyond current competitors like Comcast’s CMCSA Peacock platform, and closer to Netflix’s top tier.\nOverall, industry consolidation is likely to only further threaten Netflix’s lead and allow for clearer choices for consumers that might be overwhelmed by the slate of options in the arguably oversaturated streaming industry.\nTo be sure, Netflix has been able to maintain its industry-leading market share for quite some time, with original content increasingly undergirding its success. Further, the service appears to be quite sticky as its churn rate of only 2.4% remains exceedingly low despite the significantly increased competition it has been facing.\nThe question that will arise is when the competition becomes too compelling to keep ahead of. Given the cash being poured into the streaming space to create appealing content, that question is only going to loom larger for Netflix in the near future.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":1987,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

Why Netflix’s Leading Position in Streaming May Be In Trouble<blockquote>为什么Netflix在流媒体领域的领先地位可能陷入困境</blockquote>

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