Pink's Bottom Line on Media, Money and Sports
Netflix earnings, office occupancy rates and the NFL's Cleveland Browns
In today’s newsletter, I discuss Netflix earnings, office occupancy rates and the NFL's Cleveland Browns.
MEDIA: Netflix Earnings
Netflix reported quarterly earnings after the markets closed Tuesday, and the company posted solid results.
Pink's Bottom LineAdditionally, Netflix said that it expects to add 8.5 million paid new net subscribers this year, which reflects continued growth in an increasingly competitive marketplace for video streaming subscribers.
As Netflix is a bellwether company for the entire video streaming industry, the company’s quarterly results — and its forecast for the next quarter — indicate that the global video streaming business still appears healthy.
MONEY: Office Occupancy Rates
The average office occupancy rate in ten major U.S. cities edged higher last week, according to the Kastle Back to Work Barometer from Kastle Systems, an office security company.
Pink's Bottom LineAmong those ten cities, New York, Los Angeles and San Francisco showed the highest weekly percentage increase in occupancy rates, according to Kastle.
While office workers appear to be returning in these major cities, office occupancy rates in New York, Los Angeles and San Francisco are still well below the average rate of 36.2% among the ten cities tracked by Kastle.
If, however, coronavirus cases continue to decline in the colder fall and winter months, look for those occupancy rates to improve not just in New York, Los Angeles and San Francisco, but in most major metro areas.
SPORTS: Cleveland Browns
The Cleveland Browns, currently 3-3 on the season and tied for last place in the AFC Central, have been a bit of a disappointment this season.
Cleveland was a trendy Super Bowl pick before the season began, but the Browns now look like they could miss the playoffs if they don’t begin to play better.
Pink's Bottom LineAdditionally, the Browns will play tomorrow night against the Denver Broncos without starting quarterback Baker Mayfield who is out with an injured shoulder — veteran Case Keenum will replace Mayfield.
If Cleveland doesn’t win two of these three games, the Browns will have an uphill climb to make the postseason.
That climb becomes even harder if they have to play all of those games without Mayfield, whose return against Pittsburgh a week from Sunday isn’t certain.
Jeremy Pink is currently COO of Geniecast, a leading virtual content and experience company. He is the former CEO of private-equity backed Broadcast Sports International where he helped lead the company to a successful sale and exit during his tenure there. He is also a former CNBC television executive in New York, London and Singapore.
The information contained in this communication is strictly for general informational and entertainment purposes and is not meant to be construed as financial, investment, tax, or legal advice. This communication is not a solicitation to buy or sell any securities. I am not a financial advisor or offering professional advice of any kind. Users should not act upon the content or information found within this communication without first seeking professional advice appropriate for their individual situation. Decisions based on information contained in this communication are the sole responsibility of the user, and use of this communication and its contents constitutes an explicit understanding and acceptance of the foregoing disclaimers.
(Newsletter Editor: Karina Pink)