Netflix Downgraded on Weakening Original Content Engagement
Dow Jones01:30
1330 ET - Netflix is dealing with a declining reception to its original content, HSBC analysts say, downgrading the stock to hold. Total viewership hours of series that charted on Netflix's top 10 lists in July and August were down 17% year over year, with third-quarter numbers on track for a sequential decline, the analysts say. They think near-term recovery in Netflix's engagement is unlikely. People are less interested in Netflix's original content, and they are also suffering from streaming fatigue, as subscription prices have risen. Netflix will likely have to spend more to shore up engagement, the analysts say. Shares drop 2%.
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