Yesterday, newcomer Netflix’s market value soared to $152.6B — making it larger than perennial powerhouse Disney, valued at $151.8B.
The two media companies will have to pass the title back and forth over the next few days as the market fluctuates, but the toppling of the Disney dynasty is a huge achievement for Netflix.
Netflix is cruising full-stream ahead
Last week, we reported that the Baron of Binge passed Comcast as the second largest “pure” media company (i.e. not a tech-media monstrosity), and now Netflix has managed to surge past its traditional media rivals by outspending them 3-4x — with $15.7B currently committed to content.
The controversial content strategy has raised eyebrows — but also share prices. But the jury’s still out on what entertainment will look like long-term.
The media landscape is as fragile as a House of Cards
With Comcast and Disney locked in a $50B+ bidding war for Fox, the media merger landscape is nearly as unpredictable as Arrested Development’s production schedule — and the results of these mergers could potentially challenge Netflix’s content empire down the road.
But if economic performance is any indicator, the future is looking bright for Netflix. ’Flix stock, the best performing in the S&P 500 this year, was up 82% as of yesterday compared to Disney’s 5% loss.
The post Move over, Mickey: Global media’s new princess, Netflix, tries on Disney’s tiara appeared first on The Hustle.
(via The Hustle)