▪️”People need to understand” typically means “I’m talking out of my ass about something I don’t understand” on social media. Instead of actually looking at Netflix’s financial statements this meme creates their own version of reality, which isn’t even close.
▪️The meme takes 292M subscribers X $20/month to get their phantom revenue, but Netflix has only 238M subscribers and most pay far less than $20/month. In Europe they avg $10.87 per subscriber, in Latin America $8.58 and just $7.66 in Asia. But you’d have to actually read their financials to know that.
https://ir.netflix.net/financials/quarterly-earnings/default.aspx
▪️Netflix had a gross revenue of $8.2B in the 2nd quarter, on track for ~$32B this year, or $2.7B/month. But they have expenses, they can’t spend all of their revenue on movie budgets. There’s so much this meme doesn’t factor in, like the cost of licensing all the movies and shows they keep on the platform, that Netflix has $14B in long-term debt and $27B in liabilities, etc.
▪️Currently, Netflix is doing well and making solid profits (which is its purpose). But it’s in an extremely competitive space, with Disney, Amazon, Hulu, HBO, NBC, etc. all vying for consumer’s limited money for streaming entertainment. Other big players like Apple are also in the mix.
▪️The notion that Netflix, or the others, don’t care if they have a 2 year hiatus of show production because “they’re billionaires” is absurd. Nearly their entire revenue stream relies on subscriptions, which would dry up quickly with no new content.
▪️They have no hold on the market and are probably aware that what Netflix did to Blockbuster could happen to them at any moment if they aren’t smart and innovative. Part of being smart in business means not thinking like this meme does.
▪️These pages have a childlike view of business, where everything is simple, money flows by the billions forever, so the only explanation for stalled contract negotiations is greedy CEOs. They know nothing of the business itself or finance, they just create a fantasy out of thin air to whirl themselves into outrage.
It’s funny to see the left use the same conspiratorial rhetoric as the right did a year ago regarding the jobs numbers being downwardly revised. So many on the right, who knew nothing of how the jobs numbers are calculated or why they revise them, were convinced the downward revisions were a conspiracy to help Biden win.
If people want to have a debate about the birth death model or the survey methods, ok, but that’s not what’s happening here. Most people are under the delusion that the BLS report is the govt reporting every job created and lost, and are thus easily swayed it’s rigged when it suits their political ends.
This is almost laughingly misleading, as it leaves out everything before the letter.
▪️After being repeatedly lampooned by the Smothers Brothers over Vietnam, Johnson finally had enough. One night at 3 am he called the head of CBS William Paley, demanding that he “get those bastards off my back.”
▪️Paley then asked the heads of CBS entertainment to get them to back off of LBJ. However, instead of backing off the Smothers Brothers doubled down, booking a folk musician performing “Waist Deep,” an anti-war song about a soldier being stuck in the mud while “the big fool says to push on,” clearly a dig at LBJ.
▪️At the last minute, CBS cut the song from the pre-taped show to the outrage of the Smothers. They continued to push the boundaries off and on for the rest of his presidency, with CBS sometimes cutting segments that they thought went too far. Basically, it was a soft form of censorship.
▪️It wasn’t until Johnson made his surprise announcement not to run in 1968 ...
