NETFLIX stock drops 19% on subscriber news, Net Profit takes a hit
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NETFLIX stock drops 19% on subscriber news, Net Profit takes a hit
HBOMAX doing A CHRISTMAS STORY sequel / TIKTOK parent co revenue +70% in 2021 / APPLE TV sets GODZILLA TV series
Mornin! This is Sean McNulty and here’s the Hollywood + Media news to know on FRIDAY January 21, 2022.
Where JAZZFEST is returning to New Orleans this year! 🎷 With THE WHO, STEVE WONDER and FOO FIGHTERS among headliners, and acts from JASON ISBELL, WILLIE NELSON, and LUDACRIS joining as well.
Takes place April 29 to May 8, ticket packages on-sale now here.
BUT: ADELE has postponed her Vegas residency that was starting on… uh today. Seems the omicron-battered supply chain couldn’t get tickets and is retaliating by not delivering key items in time. Also half of her crew is down with covid.
No word on a new start date but canceled shows will be rescheduled.
ALTHOUGH: Pete Davidson & Colin Jost bought a de-commissioned STATEN ISLAND FERRY Boat for $280k along with THE STAND comedy-club co-owner Paul Italia, with plans to turn it into a live-entertainment venue. Its NYC Pier location… is TBD, but be sure to let ADELE know 👍.
📽 THE SILVER SCREEN
HBOMAX doing a sequel to “A Christmas Story”
Certainly a bold move… and gotta say the title of “A Christmas Story Christmas” isn’t giving me confidence. It’s also shooting in… HUNGARY. 🧐
Billingsley is returning and will also produce alongside LEGENDARY, it’s set in the 1970s as Ralphie returns to his house in the Cleve with his kids for a “magical Christmas”, while he reconnects with childhood friends and deals with the passing of the old man.
So get ready to be inundated with promos on TBS this Christmas.
Clay Kaytis (NETFLIX’s “The Christmas Chronicles”) is directing, and Nick Schenk who has been Clint Eastwood’s go-to guy of late (“Cry Macho”, “Gran Torino”, “The Mule”) is writing. /THR
NETFLIX adds Jodie Foster to biopic of famed swimmer Diana Nyad
Annette Benning plays Nyad, who notoriously swam from CUBA to FLORIDA in the open water at 64 years-old on her 5th try. 🏊♀️
The “Free Solo” directors (Elizabeth Chai Vasarhelyi and Jimmy Chin) are doing the same here. /THR
ALSO IN MOVIES
“The Batman” runs 2hr 47mins (plus credits). So adjust your box office predictions accordingly #fewerShowings. /THR
NETFLIX’s “Chicken Run” sequel about the “Ginger and Rocky” characters will drop in 2023 (Thandiwe Newton & Zachary Levi voicing the 2 leads).
Also doing another “Wallace & Gromit” stop-motion movie from AARDMAN in 2024 (BBC has UK premiere rights). /Variety
📺 THE TV SET
APPLE TV+ orders “Godzilla” TV series
Will be about GODZILLA and the Titans that leveled San Francisco, and a secret organization called MONARCH 🤷♂️.
Film producer LEGENDARY is doing the same here… which makes it curious that it’s APPLE TV+ and not HBOMAX. No timeline set. /Deadline
PAR+ sets Joshua Jackson to co-star in “Fatal Attraction” TV series
Lizzy Caplan already set in the Glenn Close role. You can almost hear the 76 press junket questions about starring in this and “The Affair” being conjured now.
No production timeline indicated as of yet. /Deadline
NETFLIX orders “Iron Chef” reboot
Called “Iron Chef: Quest for an Iron Legend”, 8 episodes and will premiere later this year.
Some details on the content approach in the link… but sounds like kinda a similar format with just things amp’d up a bit. /Deadline
DISNEY+ orders Basketball drama series exec produced by Lebron
Called “The Crossover”, based on a book by Kwame Alexander. About teen brother basketball phenoms coming of age, as their former NBA Player dad adjusts to life after hoops and mom gets to pursue her dreams.
Pilot was directed by George Tillman, Jr. (“Men of Honor”, “The Hate U Give”), 20TH TELEVISION producing, goes into production next month. /Deadline
ALSO IN TV
“The White Lotus” Season 2 will shoot in Sicily, again at a Four Seasons location. /Variety
NETFLIX makes “Squid Game” Season 2 official, but no other details at this point. /Variety
ABC cancels Rebel Wilson-hosted “Pooch Perfect” after 1 season. /Deadline
NBC cancels Lil Rel Howery-hosted game show “Small Fortune” after 1 season. /Deadline
The ol’ “One Tree Hill” gang of Sophia Bush, Hilarie Burton and Bethany Joy Lenz is getting back together for an episode of Sophia’s new CBS show “Good Sam”. Airdate TBD.
The three currently host a podcast about “OTH” that yes… goes through the show episode by episode. There’s gotta be a new format out there for these kinda things no? /Deadline
SHONDALAND promotes Alison Eakle to Chief Content Officer, overseeing all Film & TV projects and reporting into newly hired Prez Megha Tolia.
Also: Head of Strategy Chris DiIorio is now Chief Marketing Officer. /Deadline
🎤 IN OTHER WORDS…
“For now we are just staying calm.”
- NETFLIX Founder REED HASTINGS on yesterday’s Q4 earnings call
💻 THE MEDIA BIZ
#MediaNerd 🤓returns…
What’s happening with NETFLIX
Yes, the 20% stock plunge thing is 😬. Although that was in after-hours trading where folks have itchy trigger fingers, and it should stabilize a bit once markets open today. should.
So - the #s:
Added 8.2 Million subscribers from Oct thru Dec to hit 222 Million globally. Their projection was 8.5 Million, but they’re not being dinged for that as much as…
Their Q1 2022 estimate is just 2.5 Million which is the main thing freaking Wall Street out, as they see this as a sign that the streaming subscriber growth heyday is really over. #WallStreetSoDramatic
WHY THE LOW GUIDANCE: Figuring on some subscriber losses in the US cuz of the price increases, and noting that Q1’s biggest titles won’t drop til Mid to Late March (“Bridgerton”, a new Ryan Reynolds movie).
SILVER LINING: Their US / CANADA growth had its best Q4 since 2018 with 1.2 Million adds. So - the big spends for things like “Red Notice” and “Don’t Look Up” seem to be paying dividends: The company added only 83k US / CAN net subscribers the other 3 quarters of 2021 combined.
HOWEVER: The Rock doesn’t get paid in tequila (anymore) - NET INCOME aka PROFIT took a 40% hit compared to all other quarters in 2021, as Marketing & Production costs had sizable increases. Which also didn’t help the stock price thing - as much as Wall Street hated the Q1 subscriber prediction, they definitely won’t support going back to the “making no money to subsidize growth” biz model from the 2010’s.
For anyone inclined, I put together some thoughts on the Q1 2022 outlook here, and why #ImWithReed on the calm thing.
NETFLIX made $30 Billion this year, $5 Billion in net profit. 💰💰
TIKTOK parent company BYTE DANCE hits $58 Billion in 2021 revenue
That’s up 70% from 2020. Although the 2020 growth was over 100%… but you gotta be looking pretty hard to see a drop to 70% as a knock. /Reuters
ALSO IN MEDIA
ESPN no longer sending reporters to WINTER OLYMPICS due to covid concerns. /Deadline
TWITTER let’s users use NFT’s as profile pics, which will get a special “hexagonal” shape around them instead of the usual circle… if you pay them $3 a month to become a TWITTER BLUE member. Man If people have that kinda cash clearly I need to figure out a better business model for this thing…🤔 /Tech Crunch
PEACOCK adding Live-Streams of local NBC O&O affiliates from NYC, Boston, Miami, Philly, Chicago and LA to their channels lineup. CBSN does a similar thing with far more local affiliates, but I don’t belive that’s also incorporated into PAR+. /B&C
🏦 STOCK NOTES:
A slightly down day for pretty much everyone (1-4%) but when PELOTON dives 24% in a day… I think everyone else was feeling ok.
👩💻 THE FSS FEED:
(new Stuff to Watch this weekend, Friday - Saturday - Sunday)
FRIDAY
IN THEATERS:
UNIVERSAL “Redeeming Love” - Only in Theaters
“No Time To Die” returns to IMAX for a limited run celebrating 60 years of Bond.
STREAMING:
MOVIES
nil
SERIES
NETFLIX “Ozark” Final Season pt 1 - Stream or Add to Your List here
APPLE TV+ “Servant” Season 3 - Stream or Add to Your List here
APPLE TV+ “Fraggle Rock: Back to the Rock” - Stream or Add to Your List here
TV:
HBO “Bill Maher” returns at 10p, followed by “Back on the Record with Bob Costas” at 11p
SATURDAY
NFL Playoff games
430p on CBS: CINCY at TENNESSEE
815p on FOX: SF at GREEN BAY
SNL with Will Forte and music guest Måneskin
SUNDAY
NFL Playoffs
3p on NBC: RAMS at TAMPA
640p on CBS: BUFFALO at KANSAS CITY
SHOWTIME “Billions” Season 6 at 9p
If you were sent this newsletter or… just kinda found it:
🎥 TRAILER HOUSE
AMAZON PRIME “Phat Tuesdays” docuseries trailer - A look at the legendary Black comedy night at the legendary Comedy Store in LA in the mid 90’s by Guy Torry. Premieres Fri Feb 4
APPLE TV+“The Sky Is Everywhere” movie trailer - Based on the book, teen girl copes with the loss of her older sister, finding her way back through music and an new budding romance. Actually two - uh oh. Jason Segel and Cherry Jones in supporting roles. Premieres Fri Feb 11
🎧 PLAYING ME OFF
JADE “Don’t Walk Away” - This just came on in a mix I was listening to, so for anyone else up for a classic 90’s R&B jam to get your day moving. 👇
Email me anytime - just reply to this email, or connect here on LINKED IN.
And a Rest In Peace to MEAT LOAF who died at 74 years-old yesterday.
Have a fun weekend! See ya Monday…
-SEAN MCNULTY
@theseanmac on TWITTER
@TheWakeupNews on INSTAGRAM