“Two, uh, actually maybe we haven’t announced the other. Why Smith chose Netflix as a buzzy way to explain his new company that he claims will disrupt the media industry or how Semafor sees its strategy akin to Netflix’s join the long list of questions about Semafor that have accumulated despite, or maybe because of, the constant coverage it’s received in recent months.
The streaming giant has dominated the news in recent months over predictions that Netflix would be hemorrhaging subscribers (it saw its largest loss in subscribers in the company’s 25-year-history- though not as many as it thought-in July) and has been going through multiple rounds of layoffs. It’s a lofty analogy for a startup that plans to launch in October with roughly 30 journalists, but also an unintentionally ominous one. The company then hopes "to expand market by market with an emphasis on the Middle East, India, Japan and Europe,” FT reported, noting that the strategy resembles that of Netflix, which found early success creating content in local territories that then worked across the world, rather than Disney making content in Burbank meant to spread across the world. Smith made the comment in a Financial Times article announcing that Semafor had hired Yinka Adegoke, former Africa editor of Quartz, to lead what will be its first regional bureau: Semafor Africa. Or, at least, according to Ben Smith, the startup’s stated global intentions will be “definitely Netflix rather than Disney.” The median price target of the 48 analysts covering the Netflix stock is at $297.50, down from $502.50 in March.The people behind Semafor have said a lot of different things about what exactly it is that they’re trying to create, and this week brought yet another: the “Netflix” of news. Netflix is already considering a cheaper subscription that includes advertising, following the success of similar offerings from rivals HBO Max and Disney+. "Expect some to pivot more towards a yearly discounted bundle to entice users and increase loyalty." Let's not forget the market is now awash with too many streaming media services chasing too few services," said Paolo Pescatore, an analyst at PP Foresight. "The cost of living crisis will have a major impact on all streaming services. That sent Netflix shares down 4.6% at $184.06 in midday trading on Friday, adding on to this year's 68% slump.
Netflix is now a "show-me story", Goldman said, as it cut revenue estimates for 2022-2023. Roblox and eBay shares fell nearly 4% in afternoon trading. The brokerage also lowered its ratings on e-commerce platform eBay Inc (EBAY.O) and online gaming firm Roblox Corp (RBLX.N) to "sell" from "neutral". Goldman downgraded the stock to "sell" from "neutral" and slashed its price target to $186 from $265, the lowest PT among analysts covering the stock, according to data from Refinitiv.
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