![]() ![]() "This is the time we have to think about: what is the value of the Olympics?" said Niinami. Having no domestic spectators could cost Japan's economy 146.8 billion yen ($1.3 billion), according to an estimate by Takahide Kiuchi, an economist at the Nomura Research Institute. "The economic losses will be enormous," said Niinami, estimating that Japanese businesses could have enjoyed a roughly 10% hike in sales had fans been allowed. The decisions by organizers to ban overseas visitors and then spectators from the Games' Tokyo venues over public health concerns scrapped those plans. "I expected a lot of spectators from abroad to visit." "I thought that this occasion would be very much a showcase for us," Niinami said in an interview. Instead of signing on as an official sponsor, Suntory had chalked out another route to increase its visibility during the Games, which start Friday: the company planned to use restaurants and bars around the sporting venues to promote its drinks, and open several establishments to serve its products. but the economics didn't match up," said the chief of the Japanese beverage giant, which owns Orangina and Jim Beam bourbon. Suntory CEO Takeshi Niinami told CNN Business on Monday that his company decided against being a sponsor of the upcoming Tokyo Games, saying it was "too expensive." One of Japan's most prominent business leaders says the Olympics are losing their commercial value. Shares were up slightly in premarket trading.ĬEO says economic losses from Olympics will be 'enormous' The bottom line: Netflix's second quarter profit this year was $1.3 billion, up from $720 million in the year-earlier quarter. "Considering that we are less mature in other countries and that this excludes mobile screens (where we believe our share of engagement is even lower), we are confident that we have a long runway for growth," it said. Netflix said there is still room to grow.Ĭiting figures from data provider Nielsen, the company said that streaming represents just 27% of US television screen time. Part two of the French-language heist thriller "Lupin" was a huge international hit, for example, with 54 million households tuning in over its first four weeks. The global nature of the audience - and content - is delivering benefits. It now has 209 million subscribers around the world. Netflix added more than 1 million new subscribers in Asia Pacific between April and June, and another 760,000 in Latin America. Where's the growth? Netflix said the second quarter is traditionally a tough time to add subscribers in the United States and Canada, a trend made even more pronounced by the easing of pandemic restrictions in many places.īut this is now a global business. ![]() "While we are continually evaluating opportunities, we don't view any assets as 'must-have' and we haven't yet found any large scale ones to be sufficiently compelling to act upon," it added. ![]() "The industry has consolidated materially over the years, and we don't believe this consolidation has affected our growth much, if at all," the company said in its letter to shareholders. Netflix said it doesn't need to play that game. WarnerMedia is meanwhile combining with Discovery. If we can do that, we're confident we can maintain our strong position and continue to grow nicely," said Netflix.Īcquisitions? No thanks: Netflix made clear in its letter to shareholders that it doesn't plan to join the media industry trend of using mergers and acquisitions to get bigger and add more blockbuster content.Īmazon, for example, spent nearly $9 billion in May to buy MGM, the Hollywood studio synonymous with Leo the roaring lion. "We are mostly competing with ourselves to improve our service as fast as we can. In a letter to shareholders, Netflix argued that it doesn't need to get bigger via acquisitions to fend off rivals, and it underscored its massive global growth potential. The company added 10 million new global customers in the same quarter last year, when the pandemic was raging and consumers in many countries were limited to home entertainment.Īnd the streaming giant made up for weaker 2021 numbers in its home market with growth in Asia and Latin America, topping its global forecast of 1 million new paid memberships between April and June by 500,000.īut it also made the case that much better days are ahead. ![]() That's not great news for a company that has churned out huge growth in the past, inspiring rivals such as Disney, Apple, Comcast and CNN parent WarnerMedia to launch their own streaming services.īut Netflix isn't panicking. (CNN) - Netflix lost 433,000 subscribers in the United States and Canada during the second quarter, according to financial results issued after the bell on Tuesday. ![]()
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