Netflix’s chief financial officer said today that ongoing Hollywood strikes are bad for the business, and the company is focused on getting back to work.
“I think really kind of cutting through it, the main thing…is there’s a lot of folks out of work and the business isn’t moving forward,” chief financial officer Spencer Neumann said at a BoFA media conferene today. “And so it’s terrible for all those folks out that are not working and it’s not good for the business. So that’s what we’re most focused on.”
“I mean, at the end of the day, to move the business forward and to have great storytelling and fresh stories for our members, it really is about the partnership with those writers, with those producers, with those directors, with those actors,” he added.
“And so, we need to get back to work. That’s what we are focused on…We are very committed to get back as quickly as possible, in the meantime we are managing through.”
The WGA struck on May 2, SAG-AFRA on July 14. Neither side is talking with the AMPTP, the alliance of major studios that includes Netflix. The streamer is shielded more than others from the strike due to its robust international pipeline. The work stoppages have been boosting free cash flow at big media companies, including Netflix, as production costs fall.
More to come….