Analysis: Is Netflix envy over in Hollywood? Not quite

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A fall from grace?

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But Disney, which edged past Netflix as streaming leader by global subscribers last quarter, is the outlier among its media peers.

In recent earnings reports, traditional media companies touted stable and shrinking businesses like linear television as profit centers to weather economic uncertainty. Cash flow has become cool again, analysts said, replacing subscriber growth as the main metric of success in recent years. More bleak news may be on the horizon. National advertising spending fell for the first time in June in the United States, after 15 straight months of gains, amid concerns about the possibility of a recession, according to advertising data firm SMI.

“I think they’re crying uncle,” said LightShed Ventures media analyst Rich Greenfield of Warner Bros' moves. “They are not in a financial position to take on the pain needed to compete.” Paramount Global Chief Executive Bob Bakish last week bragged about the growth of the company’s streaming service, even as he applauded the decision to delay the release of “Top Gun: Maverick” so the film could premiere exclusively in theaters. The summer blockbuster, which debuted on May 27, has yet to reach Paramount+.The pullback across media makes the performance and forecast of Disney - which released third-quarter earnings on Wednesday - all the more remarkable, analysts said.

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