
<h2 id="h-topline">TOPLINE</h2>



<p>Netflix gained 2.4 million new paid subscribers in the third quarter of this year, the company said in an&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2022/q3/FINAL-Q3-22-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">earnings report</a>&nbsp;Tuesday, a reversal for the streamer after reporting losses for the first time in 10 years over the last two consecutive quarters.</p>



<h2>KEY FACTS</h2>



<p>Netflix reported 223.09 million subscribers, up from the 220.67 million it reported in July and 213.56 million in the third quarter of last year.</p>



<p>The streaming service beat its&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2022/q2/FINAL-Q2-22-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">own forecast</a>&nbsp;of 221.67 subscribers.</p>



<p>Netflix predicted it will continue to grow its subscriber base and add 4.5 million paid users by the end of the fourth quarter.</p>



<p>The company generated $1.4 billion in net income in the third quarter, down nearly 4% from a year ago, and revenue grew 5.9% to $7.9 billion, both of which&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2022/q2/FINAL-Q2-22-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">beat the company’s forecasts</a>.&nbsp;</p>



<p>Much of the growth came from the Asia-Pacific region, where 1.4 million paid memberships were added in the third quarter.&nbsp;</p>



<p>Netflix’s share price jumped more than 12% in after-hours trading Tuesday and stood at $275.40 as of 8 p.m., after closing at $240.86.</p>



<h2>WHAT TO WATCH FOR</h2>



<p>In November, Netflix plans to launch a cheaper ad-supported tier, the first time ads will be coming to the streaming service. Amid tight competition for viewers attention, Disney+ is also launching an ad-supported tier in December. When HBO Max and Discovery+&nbsp;<a href="https://www.forbes.com/sites/marisadellatto/2022/08/04/hbo-max-and-discovery-will-combine-into-one-streaming-service/?sh=d604f3319312">combine</a>&nbsp;into one streaming service next year, a free ad-supported tier will be offered.</p>



<h2>KEY BACKGROUND&nbsp;</h2>



<p>In April, Netflix reported its first subscriber loss in a decade, losing 200,000 subscribers. The company&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2022/q1/FINAL-Q1-22-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">blamed</a>&nbsp;the suspension of its service in Russia amid the country’s conflict with Ukraine, as well as competition with other streaming services and the “large number of households” that share accounts with each other. It suffered another loss of 970,000 subscribers in July. Netflix has since said it is exploring ways to monetize people who share one account and crack down on password-sharing, and launched a “profile transfer” feature this week that allows a user to move their data between accounts. Roughly 450 Netflix staffers&nbsp;<a href="https://www.nytimes.com/2022/06/23/business/media/netflix-layoffs.html" target="_blank" rel="noreferrer noopener">were laid off</a>&nbsp;this year. Netflix credited its third-quarter subscriber boost to programming, including the release of the fourth season of&nbsp;<em>Stranger Things</em>&nbsp;and&nbsp;<em>Monster: The Jeffrey Dahmer Story</em>.&nbsp;</p>



<h2>TANGENT</h2>



<p>In the third quarter, Netflix produced 1,024 episodes of original TV content, according to a report published last week by research firm MoffettNathanson. That’s a record for the company, and five times that of any other streaming service, the report said. Nearly 160 original shows were launched on the platform during that time period.&nbsp;</p>



<h2>FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/10/13/netflixs-cheaper-ad-supported-tier-launching-november-3/?sh=2433f53d47db">Netflix’s Cheaper Ad-Supported Tier Launching November 3</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/carlieporterfield/2022/10/12/netflix-produced-a-record-1024-original-television-episodes-this-quarter/?sh=41d8786437f9">Netflix Produced A Record 1,024 Original Television Episodes This Quarter</a>&nbsp;(Forbes)</p>



<p><strong><em>By Marisa Dellatto, Forbes Staff</em></strong></p>


In this photo illustration the Netflix logo seen displayed

Netflix Adds 2.4 Million Subscribers After Months Of Declines


<h2 id="h-topline">TOPLINE</h2>



<p>As streaming services continue to battle for the attention—and wallets—of viewers, subscriber numbers have changed over the last few months, with Netflix on a decline for the first time in a decade as Disney+ continues to grow and HBO Max and Discovery+ prepare to merge.</p>



<h2>KEY FACTS</h2>



<p>Netflix remains the leader of the pack, with 220.67 million global subscribers as of June according to earnings reports, but as competition with newer platforms becomes tighter, it&#8217;s also one of the only streaming services to lose paid subscribers, falling by almost 1 million subscribers since March and nearly 1.2 million since December.&nbsp;</p>



<p>Disney’s bundle of streaming services—including Disney+, Hulu and ESPN+—rose from 196.4 million subscribers in January to 205.6 million in April, the company reported, making it a real competitor to Netflix, but Disney+ pulls most of the weight, with 137.7 million subscribers in April (up 7.9 million from January) compared to Hulu&#8217;s 45.6 million (up roughly 300,000 in three months).</p>



<p>HBO, HBO Max and Discovery+—all of which have been owned by Warner Bros. Discovery since April—counted a combined 92.1 million subscribers in June, up just 1.7 million from March, the company says (it’s unclear how plans to merge the streaming services together into one platform will affect subscriber numbers).&nbsp;</p>



<p>Paramount+, owned by CBS’ owner Paramount Global, reported just 43 million subscribers in June—but the streamer has gained over 10 million since December.</p>



<p>Peacock, NBCUniversal parent Comcast’s streaming network, had 13 million paid subscribers as of last month, roughly the same amount that Comcast reported in April, and 27 million active monthly accounts—unlike some of the other streaming platforms, it offers a free version of its service with select programs and movies.</p>



<h2>KEY BACKGROUND&nbsp;</h2>



<p>2022 has been a tumultuous year for streaming services, as media companies&nbsp;<a href="https://www.forbes.com/sites/elanagross/2020/10/12/disney-reorganizes-to-prioritize-streaming/?sh=59da0776ab09">increasingly</a>&nbsp;<a href="https://www.forbes.com/sites/dbloom/2022/02/16/rebranded-paramount-global-focuses-on-streaming-future-with-huge-array-of-announcements/?sh=2feb09b2203e">prioritize</a>&nbsp;streaming platforms instead of traditional television. Warner Bros. Discovery, which was formed after Discovery and AT&amp;T’s former subsidiary WarnerMedia merged in April, announced plans last week to integrate HBO Max and Discovery+ into a single service next summer. The company also shut down news streaming service CNN+ just one month after it launched, amid a push to control costs and a&nbsp;<a href="https://www.nytimes.com/2022/04/24/business/media/cnn-plus-discovery-warner.html" target="_blank" rel="noreferrer noopener">belief</a>&nbsp;that niche streaming platforms tend to fare worse than more all-encompassing services. More changes are to come: After Netflix suffered its first subscriber losses in over a decade earlier this year, the company said it would launch a cheaper ad-supported tier and cut down on password sharing, which it blamed for some of the deficit. The company shut down service in Russia after the country invaded Ukraine, resulting in a loss of 700,000 subscribers.</p>



<h2>TANGENT</h2>



<p>A&nbsp;<a href="https://www.forbes.com/sites/marisadellatto/2022/04/06/streaming-viewers-feel-overwhelmed-by-options-nielsen-survey-suggests/?sh=7676f543705f">survey from Nielsen</a>&nbsp;released earlier this year found that there are more titles than ever available to stream, and the time Americans spend watching streaming content each week is on the rise. Still, 64% of respondents said they wish there was a streaming service bundle, and 46% said it’s hard to find the programs they want to watch because there are too many streaming services.&nbsp;</p>



<h2>FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/08/04/hbo-max-and-discovery-will-combine-into-one-streaming-service/?sh=5747ddd71931">HBO Max And Discovery+ Will Combine Into One Streaming Service</a>(Forbes)&nbsp;</p>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/08/04/discovery-and-hbo-max-swap-content-as-warner-bros-discovery-reportedly-plans-to-restructure/?sh=62747fb2313e">Discovery+ And HBO Max Swap Content As Warner Bros. Discovery Reportedly Plans To Restructure</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/04/21/cnn-will-reportedly-shut-down-after-only-one-month-of-service/?sh=721b85b865bb">CNN+ Will Shut Down After Only One Month Of Service</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/04/06/streaming-viewers-feel-overwhelmed-by-options-nielsen-survey-suggests/?sh=7676f543705f">Streaming Viewers Feel Overwhelmed By Options, Nielsen Survey Suggests</a>(Forbes)</p>



<p><strong><em>By Marisa Dellatto, Forbes Staff</em></strong></p>


Watching Netflix On iPad

Netflix Loses Subscribers As Disney+ Catches Up: Here’s How The Major Streaming Services Are Faring So Far This Year


<h2 id="h-topline">TOPLINE</h2>



<p>Shares of Netflix surged after the closing bell Tuesday despite the streaming giant’s disclosure in its second-quarter earnings report that it lost subscribers for a second quarter in a row, as the total was lower than investors had feared—with the company optimistic about adding back subscribers later in the year.</p>



<h2>KEY FACTS</h2>



<p>Netflix’s stock jumped nearly 7% to around $215 per share in after-hours trading, with investors cheering the better-than-expected second-quarter&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2022/q2/FINAL-Q2-22-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">earnings report</a>.</p>



<p>The streaming giant reported that it lost 970,000 subscribers in the latest quarter—significantly less than the company’s previous forecast of losing 2 million subscribers—and management remains optimistic about adding back customers later in the year.</p>



<p>Analyst estimates for Netflix’s second-quarter subscriber loss had ranged from as much as 4 million subscribers to as little as 1.5 million, with some analysts citing the strong performance of season four of&nbsp;<em>Stranger Things</em>, which was Netflix’s most watched English-language show yet.</p>



<p>Investors were hoping for an improvement after a dismal first quarter, when Netflix reported its first subscriber loss in more than a decade (losing 200,000 customers) and shares&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2022/04/19/netflix-shares-plunge-over-20-after-company-says-it-lost-subscribers-for-the-first-time-in-10-years/?sh=6c6311101650">plunged 35%</a>&nbsp;in one day.</p>



<p>Netflix reported mixed financial results for the second quarter: Earnings came in above Wall Street expectations, though revenue was weaker-than-expected at $7.97 billion versus a consensus analyst forecast of $8.04 billion, according to Refinitiv.</p>



<p>In order to offset recent slowdowns, Netflix is looking to introduce a cheaper ad-supported subscription plan, announcing last week that it will be partnering with Microsoft in order to do so—but Netflix COO Greg Peters said that the project is still in “very early days.”</p>



<h2>CRUCIAL QUOTE:</h2>



<p>“There’s very little not to like,” says Charles Lemonides, founder and chief investment officer of ValueWorks. “These results read like the negative news was just a tiny blip in the long-term growth story.” He remains highly bullish on the company, which he argues is still the “strongest streaming platform with the greatest ability to spend dollars on creating new content—and that’s a tough position to compete with.”</p>



<h2>KEY BACKGROUND:</h2>



<p>Netflix’s stock has cratered roughly 70% this year. Like other tech stocks, Netflix shares were especially hard-hit by concerns over surging inflation and rising rates, but a significant portion of the company’s recent struggles have revolved around slowing subscriber growth, which has spooked investors. Netflix&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2022/04/19/netflix-shares-plunge-over-20-after-company-says-it-lost-subscribers-for-the-first-time-in-10-years/?sh=6c6311101650">lost 200,000 subscribers</a>&nbsp;globally in the previous quarter—far below the 2.7 million additions expected, which prompted a&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2022/04/20/netflix-stock-crash-growth-story-is-dunzo-for-now-as-analysts-slash-outlooks/?sh=249317dd5187">wave of downgrades</a>&nbsp;from Wall Street analysts at the time.&nbsp;</p>



<h2>WHAT TO WATCH FOR:</h2>



<p>“While a meaningful 2Q or 3Q subscriber beat or miss might temporarily move Netflix shares post-earnings, we expect shares will revert to their trading range as visibility will remain low and the company’s pivot to advertising does not even begin in earnest until late 2022,” Credit Suisse analyst Douglas Mitchelson wrote on Tuesday.</p>



<h2>FURTHER READING:</h2>



<p><a href="https://www.forbes.com/sites/sergeiklebnikov/2022/04/19/netflix-shares-plunge-over-20-after-company-says-it-lost-subscribers-for-the-first-time-in-10-years/?sh=3bad91591650">Netflix Loses Subscribers For The First Time In Ten Years, Shares Plunge 35%</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/sergeiklebnikov/2022/04/20/netflix-stock-crash-growth-story-is-dunzo-for-now-as-analysts-slash-outlooks/?sh=4629f9e45187">Netflix Stock Crash: Growth Story Is &#8216;Dunzo For Now&#8217; As Analysts Slash Outlooks</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/annakaplan/2022/07/13/netflix-partners-with-microsoft-for-ad-supported-service-amid-subscriber-losses/?sh=5825950b7ee9">Netflix Partners With Microsoft For Ad-Supported Service Amid Subscriber Losses</a> (<em>Forbes</em>)</p>



<p><strong><em>By Sergei Klebnikov, Forbes Staff</em></strong></p>


Netflix Shares Jump Over 6% After It Reports Smaller Subscriber Loss Than Forecast

Russia And Technology Companies Photo Illustrations

Netflix, TikTok, Major Accounting Firms Suspend Service—Here’s The List Of Companies Cutting Ties With Russia Over Invasion


<h2 id="h-topline">TOPLINE</h2>



<p>In the latest example of Netflix quickly pouncing on a true-crime tale, the company said Friday it had ordered a docuseries on alleged cryptocurrency launderers Ilya “Dutch” Lichtenstein and Heather Morgan—who only came to public attention with their arrest Tuesday.&nbsp;</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/GettyImages-1231249886.jpg" alt="" class="wp-image-52704" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/GettyImages-1231249886.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/GettyImages-1231249886-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/GettyImages-1231249886-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>BRAZIL &#8211; 2021/02/18: In this photo illustration the Netflix logo seen displayed on a smartphone screen. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



<h2 id="key-facts">KEY FACTS</h2>



<p>Lichtenstein and Morgan–the latter of whom has attracted attention as much for her awkward rap videos as their alleged crimes– have been accused by federal prosecutors of attempting to launder $4.5 billion in bitcoin, $3.6 billion of which was recovered in what the Department of Justice says was its largest financial seizure ever.&nbsp;</p>



<p>While Netflix and other streaming services have been churning out more ripped-from-the-headlines “insta-docs” and reality content for years, the pandemic gave the trend&nbsp;<a href="https://www.hollywoodreporter.com/tv/tv-news/coronavirus-tiger-king-reality-producers-double-down-docuseries-1288063/" target="_blank" rel="noreferrer noopener">more impetus</a>: viewers were stuck at home with nothing to do but watch TV and producers could make use of archival footage instead of risking their health to shoot something new.&nbsp;</p>



<p>Last week Netflix put out&nbsp;<em>The Tinder Swindler</em>, a documentary about a man who was arrested in 2015 for allegedly defrauding women he met on dating apps of money, and this month will also release documentaries about Bubba Wallace’s 2021 NASCAR season and the 2018 and 2019 Boeing Max 737 crashes.&nbsp;</p>



<p>Friday the scripted series&nbsp;<em>Inventing Anna</em>&nbsp;premiered on Netflix, Shonda Rhimes’ fictional take on the real story of Anna Sorokin, a woman who pretended to be a Germain heiress and was&nbsp;<a href="https://www.cnn.com/2019/04/25/us/anna-sorokin-found-guilty/index.html" target="_blank" rel="noreferrer noopener">found guilty</a>&nbsp;in 2019 of stealing over $200,000 from banks and people she socialized with.</p>



<p>Last year, several documentaries were released about recent scandals, including the downfall of WeWork, the college admissions scandal, and Rudy Giuliani’s Four Seasons and Total Landscaping post-election mistake.&nbsp;</p>



<p>The Crypto Couple docuseries will be directed and executive produced by Chris Smith, who was behind Netflix true-crime hits&nbsp;<em>Fyre: The Greatest Party That Never Happened</em>&nbsp;and&nbsp;<em>Tiger King</em>, and will also be executive produced by Nick Bilton, of&nbsp;<em>HBO’s The Inventor: Out for Blood in Silicon Valley</em>—works that made&nbsp;<a href="https://www.forbes.com/sites/aaronkwittken/2019/01/22/catching-fyre-what-marketers-can-learn-from-mini-madoff-mcfarland/?sh=3a41b2c26140">Billy McFarland</a>,&nbsp;<a href="https://www.forbes.com/sites/lisakim/2022/01/28/tiger-king-star-joe-exotic-resentenced-to-21-years-in-prison-for-murder-for-hire-plot-one-year-less-than-original-term/?sh=6f92178d59c0">Joe Exotic</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/sites/marisadellatto/2022/01/03/elizabeth-holmes-found-guilty-on-wire-fraud-charges/?sh=6ab26e6f46b6">Elizabeth Holmes</a>&nbsp;household names.&nbsp;</p>



<h2 id="key-background">KEY BACKGROUND</h2>



<p>Since the success of Netflix’s 2015 hit&nbsp;<em>Making A Murderer</em>, the platform and other streaming services have ramped up production of true-crime documentaries, docuseries and fictional spinoffs of real-world stories. In 2016,&nbsp;<a href="https://www.businessinsider.com/netflix-is-a-documentary-powerhouse-heres-why-2017-3#" target="_blank" rel="noreferrer noopener">68 million people</a>&nbsp;watched documentaries on Netflix, and 73% of their subscribers watched at least one. After being released at the onset of the pandemic,&nbsp;<em>Tiger King&nbsp;</em>became the most popular show on the streaming services in 2020. Netflix is one of the biggest buyers in the world of unscripted TV programming,&nbsp;<a href="https://www.bloomberg.com/news/articles/2021-11-11/netflix-hbo-amazon-buying-up-reality-tv-shows-for-streaming-services" target="_blank" rel="noreferrer noopener">Bloomberg</a>&nbsp;reported in November. And as pop culture remains fixated on true crime and scammers, there is no sign the streamer plans to slow down.&nbsp;</p>



<h2 id="tangent">TANGENT</h2>



<p>Lichtenstein and Morgan, a married couple living in New York City, were charged with conspiracy to commit money laundering and and conspiracy to defraud the United States for attempting to launder billions of dollars worth of Bitcoin that was stolen during a 2016 Bitfinex hack, though they haven’t been charged over the hack itself. The couple worked their way into entrepreneur and tech circles, with Morgan writing as a contributor&nbsp; for Forbes.com on business and entrepreneurship, until she was cut in September 2021. The government alleged the couple used fake identities and other &#8220;sophisticated laundering techniques&#8221; to launder the cryptocurrency. As news of their arrest and the seizure broke, Morgan’s odd rap videos posted on YouTube&nbsp; under the stage name Razzlekhan became an object of fascination. A lawyer for the couple&nbsp;<a href="https://www.cnbc.com/2022/02/10/frozen-embryos-will-keep-accused-bitcoin-money-launderers-from-fleeing.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;in a court filing Thursday that Lichtenstein and Morgan would not flee the U.S. if allowed on bail because the couple has frozen embryos in a NYC hospital and wouldn’t want to jeopardize “access to their ability to have children.”</p>



<h2 id="further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/jonathanponciano/2022/02/08/feds-seize-36-billion-in-stolen-bitcoin-arrest-couple-five-years-after-massive-crypto-exchange-hack/?sh=3e4163b97c95">Feds Seize $3.6 Billion In Stolen Bitcoin, Arrest Couple Five Years After Massive Crypto Exchange Hack&nbsp;</a>(Forbes)&nbsp;</p>



<p><a href="https://www.forbes.com/sites/davidjeans/2022/02/09/heather-morgan-ilya-lichtenstein-bitcoin-seizure/?sh=30bab60a1ea2">How The Crypto Couple Went From Wannabe Tech Luminaries To Targets In The Biggest Financial Seizure In Justice Department History</a>&nbsp;(Forbes)&nbsp;</p>



<p><a href="https://www.forbes.com/sites/cyrusfarivar/2022/02/10/heather-morgan-ilya-lichtenstein-cat-bitcoin-raid/?sh=c64b9e7405a0">Hollowed-Out Books, Fake Passports And Burner Phones: What Led To The Feds’ Raid On The Crypto Couple</a>&nbsp;(Forbes)</p>



<p><strong><em>By Marisa Dellatto, Forbes Staff</em></strong></p>


Netflix Orders Series On Crypto Couple Only Three Days After They Came To Fame, Highlighting Rise Of ‘Insta-Doc’


<h2 id="h-topline">TOPLINE</h2>



<p>Though it comes as no surprise given the show’s unprecedented success, a second season of the Korean drama <em>Squid Game </em>is in the works at Netflix, according to the streaming giant’s co-CEO and chief content officer Ted Sarandos.</p>



<h2>KEY FACTS</h2>



<p>Sarandos&nbsp;<a href="https://www.youtube.com/watch?v=tGGThGUZp4g" target="_blank" rel="noreferrer noopener">said</a>&nbsp;during a discussion of Netflix’s fourth-quarter earnings, “The&nbsp;<em>Squid Game&nbsp;</em>universe has just begun,” and replied “absolutely,” when asked if the show would be getting a second season.</p>



<p>The show’s creator Hwang Dong-hyuk&nbsp;<a href="https://twitter.com/APEntertainment/status/1458060909319004170?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1458060909319004170%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fvariety.com%2F2021%2Ftv%2Fnews%2Fsquid-game-season-2-netflix-1235108088%2F" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the Associated Press in November that&nbsp;<em>Squid Game&nbsp;</em>would “indeed” be getting a second season, but Sarandos’ confirmation is the first word from a Netflix official.</p>



<p>Hwang said that actor Lee Jung-jae will return as the show’s protagonist, Seong Gi-hun.&nbsp;</p>



<p>Netflix&nbsp;<a href="https://variety.com/2021/digital/news/squid-game-all-time-most-popular-show-netflix-1235113196/" target="_blank" rel="noreferrer noopener">said</a>&nbsp;in November the show generated 1.65 billion hours viewed in its first four weeks on the platform.</p>



<p>In the company’s&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2021/q3/FINAL-Q3-21-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">third-quarter</a>&nbsp;earnings letter in October, it reported&nbsp;<em>Squid Game</em>&nbsp;had reached 142 million member houses, making it its biggest show ever.</p>



<h2>KEY BACKGROUND</h2>



<p>Leaked Netflix estimates seen by Bloomberg in October said the show would create nearly <a href="https://www.bloomberg.com/news/articles/2021-10-17/squid-game-season-2-series-worth-900-million-to-netflix-so-far" target="_blank" rel="noreferrer noopener">$900 million</a> in value for the streaming giant.</p>



<h2>TANGENT</h2>



<p>The show’s popularity hasn’t translated to a huge spike in subscribers the way shareholders would hope. Netflix gained 4.4 million net subscribers in the quarter&nbsp;<em>Squid Game&nbsp;</em>was released, with just 70,000 coming from the U.S. and Canada. The company’s fourth-quarter earnings report, which showed a continued dip in subscriber growth compared to its early-pandemic success, contributed to a&nbsp;<a href="https://www.forbes.com/sites/masonbissada/2022/01/20/netflix-stock-plunges-20-following-disappointing-earnings-report/?sh=425085d56326">20% drop</a>&nbsp;in its stock price in after-hours trading Thursday.</p>



<h2>WHAT TO WATCH FOR</h2>



<p>Hwang said in November the show’s season 2 release date was unclear: “I do think it’s too early to say when and how that’s going to happen,” he told the AP.</p>



<p><strong><em>By Mason Bissada, Forbes Staff</em></strong></p>


Logo Photo Illustration

‘Squid Game’ Season 2 Is Happening, Netflix CEO Confirms


<p><strong>TOPLINE</strong> Netflix has reportedly suspended three employees who crashed a virtual executives meeting in the wake of controversy surrounding Dave Chappelle’s recent comedy special <em>The Closer</em>, which has been <a href="https://www.washingtonpost.com/arts-entertainment/2021/10/07/dave-chappelle-netflix-special-controversy/" target="_blank" rel="noreferrer noopener">criticized</a> for transphobia, according to a Monday <a href="https://variety.com/2021/film/news/dave-chappelle-netflix-suspends-trans-employee-1235086394/" target="_blank" rel="noreferrer noopener">report</a> by <em>Variety</em>.</p>



<h2 id="h-key-facts">KEY FACTS</h2>



<p>In&nbsp;<em>The Closer</em>&nbsp;— ranked the third most popular program on Netflix in the U.S. as of Monday afternoon — Chappelle makes a number of comments that have been condemned for&nbsp;<a href="https://www.npr.org/2021/10/05/1043435919/dave-chappelle-new-netflix-special-the-closer-review" target="_blank" rel="noreferrer noopener">going “too far”</a>&nbsp;as one reviewer put it,&nbsp;<a href="https://www.washingtonpost.com/arts-entertainment/2021/10/07/dave-chappelle-netflix-special-controversy/" target="_blank" rel="noreferrer noopener">for instance</a>&nbsp;when he “compares the genitalia of trans women to vegetarian substitutes for meat products.”</p>



<p><em>Variety</em>&nbsp;reported Monday one of the three employees suspended was senior software engineer Terra Field, who identifies as trans and whose&nbsp;<a href="https://twitter.com/RainofTerra/status/1445914236668895236" target="_blank" rel="noreferrer noopener">extensive Twitter thread</a>&nbsp;responding to the special went viral last week.</p>



<p>Sources told the magazine that Field was suspended because she and the other two unidentified employees showed up at a meeting with top executives uninvited, not because of her comments on Twitter in which she&nbsp;<a href="https://twitter.com/RainofTerra/status/1445914240963940352" target="_blank" rel="noreferrer noopener">objected</a>&nbsp;to the harmful effects of such content on trans people, and Black trans women in particular.</p>



<p>Netflix did not respond to a request for comment from&nbsp;<em>Forbes</em>, while Field&nbsp;<a href="https://twitter.com/RainofTerra/status/1447658522301198337" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;“Oh god is this all happening on #NationalComingOutDay?” apparently in reference to the news.</p>



<p>The revelations came shortly after&nbsp;<em>Variety</em>&nbsp;also&nbsp;<a href="https://variety.com/2021/film/news/dave-chappelle-stand-up-netflix-controversy-1235086299/" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;that Netflix co-CEO Ted Sarandos had defended Chappelle in a Friday memo to staff citing “artistic freedom.”</p>



<p>According to&nbsp;<em>Variety</em>&nbsp;the memo was sent after the company’s two-day quarterly business review meeting, during which Sarandos “offered guidance” on how to deal with those speaking out against Chappelle; Netflix declined&nbsp;<em>Variety</em>’s request for comment.</p>



<h2 id="h-chief-critic">CHIEF CRITIC</h2>



<p>Chappelle’s comments in&nbsp;<em>The Closer</em>&nbsp;were&nbsp;<a href="https://www.washingtonpost.com/arts-entertainment/2021/10/07/dave-chappelle-netflix-special-controversy/" target="_blank" rel="noreferrer noopener">roundly criticized</a>&nbsp;by advocacy groups including&nbsp;<a href="https://twitter.com/glaad/status/1445870767548231685?s=20" target="_blank" rel="noreferrer noopener">GLAAD</a>, the&nbsp;<a href="https://twitter.com/HRC/status/1445760431574814731" target="_blank" rel="noreferrer noopener">Human Rights Campaign</a>&nbsp;and the&nbsp;<a href="https://twitter.com/MSNBCweekends/status/1447335467242901506" target="_blank" rel="noreferrer noopener">National Black Justice Coalition</a>. Jaclyn Moore, a showrunner on Netflix’s series&nbsp;<em>Dear White People</em>, announced that she was&nbsp;<a href="https://variety.com/2021/tv/news/dear-white-people-jaclyn-moore-dave-chappelle-netflix-1235083197/" target="_blank" rel="noreferrer noopener">boycotting</a>&nbsp;the streaming behemoth,&nbsp;<a href="https://www.instagram.com/p/CUtktAcNre0/" target="_blank" rel="noreferrer noopener">saying</a>&nbsp;she wouldn’t work for them “as long as they keep promoting and profiting from dangerous transphobic content.” Chapelle has been&nbsp;<a href="https://twitter.com/MSNBCweekends/status/1447335467242901506" target="_blank" rel="noreferrer noopener">quoted</a>&nbsp;as saying he has “never had a problem with trans people,” but during the special the comedian did embrace the term “TERF” — which stands for “trans-exclusionary radical feminist” and represents an ideology that does not recognize trans women as women. He was&nbsp;<a href="https://www.thedailybeast.com/dave-chappelle-backed-by-family-of-late-transgender-comedian-daphne-dorman-from-the-closer" target="_blank" rel="noreferrer noopener">defended</a>&nbsp;recently by the family of the late trans comedian Daphne Dorman, a friend of Chappelle’s who died by suicide in 2019. Dorman’s younger sister described Chappelle as “an LGBTQ ally” to&nbsp;<a href="https://www.thedailybeast.com/dave-chappelle-backed-by-family-of-late-transgender-comedian-daphne-dorman-from-the-closer" target="_blank" rel="noreferrer noopener"><em>The Daily Beast</em></a>, adding that the family was not offended by his jokes.</p>



<h2 id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>In her Twitter thread, Field&nbsp;<a href="https://twitter.com/RainofTerra/status/1445914242335473669" target="_blank" rel="noreferrer noopener">explained</a>&nbsp;why she found his comments in&nbsp;<em>The Closer</em>&nbsp;so problematic: “Promoting TERF ideology (which is what we did by giving it a platform yesterday) directly harms trans people, it is not some neutral act. This is not an argument with two sides. It is an argument with trans people who want to be alive and people who don’t want us to be.”</p>



<h2 id="h-key-background">KEY BACKGROUND</h2>



<p>It’s not the first time a Netflix special of Chappelle’s has been denounced for containing incendiary material including jokes aimed at trans people: his 2019 show&nbsp;<a href="https://www.vox.com/2019/8/29/20835637/dave-chappelle-netflix-special-hidden-ending-cancel-culture" target="_blank" rel="noreferrer noopener"><em>Sticks &amp; Stones</em></a>&nbsp;and 2017 special&nbsp;<a href="https://www.indiewire.com/2018/01/dave-chappelle-transgender-jokes-netflix-equanimity-1201912946/" target="_blank" rel="noreferrer noopener"><em>Equanimity</em></a>&nbsp;were both criticized upon their release.</p>



<h2 id="h-further-reading">FURTHER READING</h2>



<p>“<a href="https://variety.com/2021/film/news/dave-chappelle-netflix-suspends-trans-employee-1235086394/" target="_blank" rel="noreferrer noopener">Netflix Suspends Three Employees, Including Trans Person Who Spoke Out Against Dave Chappelle, for Crashing Leadership Meeting</a>” (<em>Variety</em>)</p>



<p>“<a href="https://www.theverge.com/2021/10/11/22720724/netflix-suspends-trans-employee-tweeted-dave-chappelle-the-closer" target="_blank" rel="noreferrer noopener">Netflix suspends trans employee who tweeted about Dave Chappelle special</a>” (The Verge)</p>



<p>“<a href="https://variety.com/2021/film/news/dave-chappelle-stand-up-netflix-controversy-1235086299/" target="_blank" rel="noreferrer noopener">Netflix’s Ted Sarandos Defends Dave Chappelle Special in Staff Memo: ‘Artistic Freedom’ Is Different for Stand-Up (EXCLUSIVE)</a>” (<em>Variety</em>)</p>



<p>“<a href="https://www.hollywoodreporter.com/news/general-news/dave-chappelle-netflix-special-critics-cancel-culture-1235028197/" target="_blank" rel="noreferrer noopener">Dave Chappelle Talks Cancel Culture After Netflix Special Controversy</a>” (<em>The Hollywood Reporter</em>)</p>



<p>“<a href="https://variety.com/2021/tv/news/dear-white-people-jaclyn-moore-dave-chappelle-netflix-1235083197/" target="_blank" rel="noreferrer noopener">‘Dear White People’ Co-Showrunner Jaclyn Moore on Why She’s Boycotting Netflix Over Transphobic Dave Chappelle Special (EXCLUSIVE)</a>” (<em>Variety</em>)</p>



<p>“<a href="https://www.thedailybeast.com/dave-chappelle-backed-by-family-of-late-transgender-comedian-daphne-dorman-from-the-closer" target="_blank" rel="noreferrer noopener">Dave Chappelle Backed by Family of Late Transgender Comic Daphne Dorman</a>” (<em>The Daily Beast</em>)</p>



<p>“<a href="https://www.indiewire.com/2018/01/dave-chappelle-transgender-jokes-netflix-equanimity-1201912946/" target="_blank" rel="noreferrer noopener">Dave Chappelle Criticized Once Again For Making ‘Offensive’ Transgender Jokes in Netflix Special ‘Equanimity’</a>” (IndieWire)</p>



<p><strong><em>By Téa Kvetenadze, Forbes Staff</em></strong></p>


Hollywood Exteriors And Landmarks – 2021

Netflix Suspends Employees For Crashing Meeting Amid Chappelle Transphobia Controversy


<p>IF YOU ARE FAMILIAR WITH THE SOUTH AFRICAN entertainment scene, the term <em>JIVA </em>is not foreign to you. Netflix has now marked South African dance on the map with this new original five-part series. FORBES AFRICA spoke to the stars of the show, Noxolo Dlamini and Candice Modiselle, a day before its release.</p>



<p>South African actor and dancer Dlamini, who plays Ntombi in <em>JIVA</em>, is ecstatic about her breakthrough lead role, not only from a personal perspective but also from the lens of highlighting how “deeply rooted” the South African dance scene is.</p>



<p>“I am hoping audiences will take away that we are more alike than we seem but more importantly, highlight how big the dance culture is in South Africa,” Dlamini says. “And also how seriously we take it.”</p>



<p>South African <em>BBC</em>’s <em>Strictly Come Dancing </em>professional, Oti Mabuse, took to Instagram to celebrate the release of the new series, also commenting on how the show touches on the importance of South African dance.</p>



<p>“How they use our homegrown dance styles and [how] they’ve managed to capture how we see South Africa,” she posted.</p>



<p>“The riots, taxis, street markets, the difference between living in the township, city, and the countryside and all inspired by dance or through dancers’ eyes!”</p>



<p>Dlamini and Modiselle hope that this will educate people in understanding and respecting traditional artists not only in South Africa but in Africa as a whole.</p>



<p>“The world needs to realize what work we can bring on an international level,” says Dlamini.</p>



<p>“The [world needs to know the] fact that we have seen Africa as a whole being documented from a very Eurocentric and Western lens and perspective in a way that does not do justice to the authenticity of who Africa is,” Modiselle adds.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="FRONTRUNNER:Showcasing South Africa’s Homegrown Dance Culture" width="500" height="281" src="https://www.youtube.com/embed/EwphJ3r9uIU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<figure class="wp-block-image"><img alt=""/></figure>


Jiva feature

Showcasing South Africa’s Homegrown Dance Culture


<p id="h-topline"><strong>TOPLINE</strong> The abrupt ending to the Oscars, which saw the late Chadwick Boseman—the favorite to win the Best Actor prize—&nbsp;<a href="https://www.forbes.com/sites/maddieberg/2021/04/25/chadwick-boseman-snubbed-for-best-actor-oscar/?sh=3e94f2076de6">lose out</a>&nbsp;to Anthony Hopkins, has drawn confused and angry reactions from viewers on social media in what is the latest instance of an Academy Awards ceremony failing to pull off a satisfying ending.</p>



<div class="wp-block-image"><figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://cms.forbesafrica.com/wp-content/uploads/2021/04/GettyImages-1314484181-683x1024.jpg" alt="" class="wp-image-50966" width="436" height="654" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/04/GettyImages-1314484181-683x1024.jpg 683w, https://cms.forbesafrica.com/wp-content/uploads/2021/04/GettyImages-1314484181-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2021/04/GettyImages-1314484181-768x1152.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/04/GettyImages-1314484181-1024x1536.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/04/GettyImages-1314484181-1365x2048.jpg 1365w, https://cms.forbesafrica.com/wp-content/uploads/2021/04/GettyImages-1314484181-scaled.jpg 1707w" sizes="(max-width: 436px) 100vw, 436px" /><figcaption>LOS ANGELES, CALIFORNIA – APRIL 25: (EDITORIAL USE ONLY) In this handout photo provided by A.M.P.A.S., a general view of the trophies during the 93rd Annual Academy Awards at Union Station on April 25, 2021 in Los Angeles, California. (Photo by Troy Harvey/A.M.P.A.S. via Getty Images)</figcaption></figure></div>



<h3 id="h-key-facts">KEY FACTS</h3>



<ul><li>The decision by the Oscars producers to switch the traditional order of the awards—choosing to end with the Best Actress and Best Actor prize instead of the Best Picture—had raised hopes for a memorable posthumous win for Boseman to close out the show.</li></ul>



<ul><li>However, Boseman’s performance in&nbsp;<em>Ma Rainey&#8217;s Black Bottom</em>&nbsp;<a href="https://www.forbes.com/sites/maddieberg/2021/04/25/chadwick-boseman-snubbed-for-best-actor-oscar/?sh=3e94f2076de6">lost out</a>&nbsp;to Hopkins’ role in&nbsp;<em>The Father</em>.</li></ul>



<ul><li>As Hopkins was not in attendance to accept the award, the ceremony ended abruptly after his name was announced, prompting confusion among viewers on Twitter who compared it to other botched finales, like ones from&nbsp;<em>The Sopranos</em>&nbsp;and&nbsp;<a href="https://twitter.com/JoyAnnReid/status/1386520116016320513" target="_blank" rel="noreferrer noopener"><em>Game Of Throne</em>s</a>.</li></ul>



<ul><li>It’s unclear if Steven Soderbergh, who produced this year’s awards, made the decision to switch the order of things expecting an emotional win for Boseman—who had won the top prize at this year’s Golden Globes and SAG Awards.</li></ul>



<ul><li>Viewers on Twitter were&nbsp;<a href="https://twitter.com/mikeryan/status/1386519697412214787" target="_blank" rel="noreferrer noopener">annoyed</a>&nbsp;that the ceremony failed to deliver after it seemed like things were building up to a memorable win for Boseman, and many also&nbsp;<a href="https://twitter.com/davidehrlich/status/1386520238095749129" target="_blank" rel="noreferrer noopener">slammed</a>&nbsp;the snafu for taking away from Hopkins’ big moment as well.</li></ul>



<ul><li>If things had played out in the traditional order, the show would have ended with Chloé Zhao’s&nbsp;<em>Nomadland</em>&nbsp;winning Best Picture, which many&nbsp;<a href="https://twitter.com/leestorrow/status/1386520909222195208" target="_blank" rel="noreferrer noopener">argued</a>&nbsp;would have been a more historic and celebratory moment.</li></ul>



<h3 id="h-surprising-fact">SURPRISING FACT</h3>



<p>Chloé Zhao won the Oscar for Best Director&nbsp;<a href="https://www.forbes.com/sites/maddieberg/2021/04/25/chlo-zhao-becomes-first-woman-of-color-to-win-best-director-oscar/?sh=3231e9605a40">becoming</a>&nbsp;only the second woman to win the category in 93 years, and the first woman of color to do so.</p>



<h3 id="h-key-background">KEY BACKGROUND</h3>



<p>Sunday’s botched ending to the ceremony has drawn comparisons to the 89th Academy Awards, where presenters Faye Dunaway and Warren Beatty incorrectly announced that&nbsp;<em>La La Land</em>&nbsp;had won the Best Picture awards. The mistake was fixed several minutes later—after&nbsp;<em>La La Land</em>’s cast and crew had come up to the stage, and a few of them had already delivered their speeches. The film&nbsp;<em>Moonlight&nbsp;</em>was then announced as the actual winner. Apart from the controversial final award, Sunday’s ceremony was swept by Chloe Zhao’s&nbsp;<em>Nomadland</em>, which won the Best Picture prize, along with Zhao winning Best Director and Frances McDormand winning Best Actress for her role in the film.</p>



<h3 id="h-tangent">TANGENT</h3>



<p>Things weren’t entirely gloomy on social media, as Glenn Close won instant accolades for immediately recognizing the dance single “Da Butt” and doing a&nbsp;<a href="https://twitter.com/laceygilleran/status/1386512616256901123" target="_blank" rel="noreferrer noopener">little jig</a>&nbsp;to it during the ceremony. In a skit during the ceremony, comedian Lil Rel Howery walked around asking a few actors to identify Oscar-nominated songs. When Howery walked up to Close, DJ Questlove played 1988’s “Da Butt” by the Washington D.C. go-go band Experience Unlimited. The song had been featured in one of Spike Lee’s early films,&nbsp;<em>School Daze</em>, a musical set at a fictional historically Black university. Close seemed to recognize the song instantly, and followed it up by&nbsp;<a href="https://twitter.com/laceygilleran/status/1386512616256901123" target="_blank" rel="noreferrer noopener">twerking</a>&nbsp;to the song. The&nbsp;<em>Los Angeles Times</em>&nbsp;has since&nbsp;<a href="https://www.latimes.com/entertainment-arts/movies/story/2021-04-25/oscars-2021-glenn-close-da-butt-dance" target="_blank" rel="noreferrer noopener">confirmed</a>&nbsp;that the moment was scripted for laughs. But it seems to have done its trick and has garnered near-universal approval on social media.</p>



<h3 id="h-further-reading">FURTHER READING</h3>



<p><a href="https://www.forbes.com/sites/maddieberg/2021/04/25/chadwick-boseman-snubbed-for-best-actor-oscar/?sh=3e94f2076de6">Chadwick Boseman Loses Best Actor Oscar To Anthony Hopkins</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/maddieberg/2021/04/25/chlo-zhao-becomes-first-woman-of-color-to-win-best-director-oscar/?sh=3231e9605a40">Chloé Zhao Becomes First Woman Of Color To Win Best Director Oscar</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/dawnchmielewski/2021/04/26/netflix-once-again-loses-out-in-best-picture-sweepstakes/?sh=78a2982842eb">Netflix Once Again Loses Out In Best Picture Sweepstakes</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/dawnchmielewski/2021/04/25/oscars-2021-the-live-winners-list/?sh=128f9bcb9e23">Oscars 2021: The Full Winners List</a>&nbsp;(Forbes)</p>



<p><em><strong>By <a href="https://www.forbes.com/sites/siladityaray/">Siladitya Ray</a>, Forbes Staff</strong></em></p>


91st Annual Academy Awards – Arrivals

Oscars 2021: Switched Ending And Surprise Chadwick Boseman Loss Prompts Confusion And Anger


<p>Stay-at-home stocks, a pandemic-market favorite, are getting battered Monday after pharmaceutical giant Pfizer announced promising vaccine results that could reopen and restore a troubled economy, but might negatively affect companies like Zoom and Peloton that have benefited from the stay-at-home environment—at least temporarily. </p>



<h4>KEY FACTS</h4>



<p>Tech-heavy Nasdaq, which hosts stay-at-home staples like Zoom, Netflix and Amazon, is lagging the broader market on Monday, is up just 1% while the Dow Jones and S&amp;P 500 are up about 4% and 3%, respectively, as industries left reeling by the pandemic celebrate news regarding the possibility of a return to normalcy.</p>



<p>Among the day&#8217;s biggest stock losers is pandemic phenomenon Zoom, which late last month&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2020/10/29/zoom-is-now-worth-more-than-exxonmobil-and-founder-eric-yuans-net-worth-has-nearly-doubled-in-three-months/">surpassed ExxonMobil in market cap</a>; shares are down 15% on Monday but are still up more than 500% this year.Peloton Interactive–which is gearing up for what could easily be its best holiday season yet–is also tanking about 15%, pushing its year-to-date gains down to about 260%.</p>



<p>Netflix, meanwhile, is down about 5%–a slightly smaller decline for a firm that&#8217;s still up nearly 50% this year.</p>



<p>Though not as hard hit as others on Monday, cloud stocks like Twilio, Slack and Datadog are also falling–about 3%, 1.5% and 1%, respectively–despite the broader market gains.</p>



<p>Stocks like Zoom and Netflix should be &#8220;long-term winners, [but they&#8217;ll] lose in the short term, as their valuations ran ahead of actual earnings,&#8221; says James McDonald, the CEO of Los Angeles-based Hercules Investments, adding that such firms have &#8220;likely already seen peak levels of adoption and revenue&#8221; in the short term.</p>



<h4>CRUCIAL QUOTE&nbsp;</h4>



<p>&#8220;The enormous moves witnessed in some areas of the market are certainly due to a fundamental reassessment after the vaccine news, but [they] also reflect a huge positioning adjustment as investors try and dial back tech exposures and&#8230; buy names closer to the epicenter of the pandemic,&#8221; says Vital Media Knowledge Founder Adam Crisafulli. &#8220;Even though tech has been in the midst of a consolidation phase since the start of September, the group is still very owned and should this pro-cyclical rotation continue (which seems likely), momentum will face steep headwinds in the near-term.&#8221;</p>



<h4>CHIEF CRITIC</h4>



<p>Experts aren&#8217;t totally convinced Monday&#8217;s stock gains–and losses–will be long-lived. &#8220;I suspect the markets, which are already in a bullish mood due to the incoming Biden administration, are overthinking the positive vaccine news,&#8221; says Nigel Green, the CEO of $10 billion advisory deVere Group. “There’s a long road ahead still,&#8221; he adds, noting that investors will have more clarity on the implications of Monday&#8217;s announcement by the third week of November, when Pfizer&nbsp;<a href="https://www.pfizer.com/news/press-release/press-release-detail/pfizer-and-biontech-announce-vaccine-candidate-against" target="_blank" rel="noreferrer noopener">says it plans</a>&nbsp;to submit its vaccine candidate to the FDA for approval.</p>



<h4>KEY BACKGROUND</h4>



<p>Technology stocks have massively outperformed the broader market this year, with the Nasdaq composite up nearly 30% since January while the S&amp;P 500 and Dow Jones are up about 11% and 2%, respectively. Monday marked a reversal of fortune between firms doing well during the pandemic and those that have been hardest hit. While stay-at-home stocks sink, shares of banks, energy firms, cruiseliners and movie-theater operators are surging.&nbsp;</p>



<h4>TANGENT</h4>



<p>Shares of Clorox, a pandemic breakout stock, are also slumping–down 7%–on Wednesday, though they&#8217;re still up 34% for the year.&nbsp;</p>



<h4>FURTHER READING</h4>



<p><a href="https://www.forbes.com/sites/jonathanponciano/2020/11/09/stocks-surge-worldwide-to-new-all-time-highs-after-pfizer-says-covid-19-vaccine-candidate-90-effective/">Stocks Surge Worldwide To New All-Time Highs After Pfizer Says Covid-19 Vaccine Candidate 90% Effective</a>&nbsp;<em>(Forbes)</em></p>



<p><a href="https://www.forbes.com/sites/roberthart/2020/11/09/pfizer-says-covid-19-vaccine-is-90-effective-although-trials-are-ongoing/">Pfizer Says Covid-19 Vaccine Is 90% Effective, Although Trials Are Ongoing</a>&nbsp;<em>(Forbes)</em></p>



<p><a href="https://www.forbes.com/sites/jonathanponciano/2020/11/06/billionaire-leon-cooperman-knows-for-sure-election-results-will-be-challengedheres-his-outlook-on-stocks-and-the-economy/">Billionaire Leon Cooperman Knows ‘For Sure’ Election Results Will Be Challenged—Here’s His Outlook On Stocks And The Economy</a>&nbsp;<em>(Forbes)</em></p>



<p><a href="https://www.forbes.com/sites/jonathanponciano/2020/11/06/stocks-end-week-with-biggest-post-election-day-rally-in-over-a-century/">Stocks End Week With Biggest Post-Election Day Rally In Over A Century</a><em> (Forbes)</em></p>



<p><em>-By Jonathan Ponciano, Forbes Staff</em></p>


Key Speakers At The BoxWorks 2019 Conference

Zoom, Peloton, Netflix: Stay-At-Home Stocks Are Getting Smoked By Pfizer’s Latest Vaccine Prospects


<p>Many American Netflix users will need to pay $1 extra for a subscription, the company announced Thursday, as the streaming giant deals with slowing U.S. growth after an explosion in new subscribers at the start of the Covid-19 pandemic.</p>



<h4>KEY FACTS</h4>



<p>A standard subscription now costs $14 a month rather than $13, and a premium plan (which allows users to stream content on more devices simultaneously) jumped from $16 to $18, though the company’s $9 basic standard-definition plan remains unchanged.</p>



<p>The price hikes will take effect immediately for new subscribers, and existing users will see their monthly bills increase over the next two months, with a warning 30 days ahead of time, a Netflix spokesperson told&nbsp;<em>Forbes</em>.</p>



<p>The company said it is raising prices to underwrite an expansion in original movies and shows.</p>



<p>Netflix last hiked its U.S. prices in&nbsp;<a href="https://www.marketwatch.com/story/netflix-raising-cost-to-13-a-month-its-biggest-hike-ever-2019-01-15" target="_blank" rel="noreferrer noopener">January of 2019</a>, boosting the cost of a standard plan from $11 to $13 per month.</p>



<h4>BIG NUMBER</h4>



<p>73.08 million. That’s the total number of U.S. Netflix subscriptions as of last month, according to the company’s&nbsp;<a href="https://www.netflixinvestor.com/financials/quarterly-earnings/default.aspx" target="_blank" rel="noreferrer noopener">third quarter</a>&nbsp;earnings report. Fewer than&nbsp;<a href="https://www.forbes.com/sites/joewalsh/2020/10/20/netflix-subscriber-growth-slows-after-surging-during-pandemic/?sh=690475e7244e">half</a>&nbsp;of all Netflix subscribers live in the United States, the result of rapid international growth.</p>



<h4>KEY BACKGROUND</h4>



<p>Netflix saw&nbsp;<a href="https://www.bbc.com/news/business-52376022" target="_blank" rel="noreferrer noopener">surging demand</a>&nbsp;earlier this year, after the coronavirus closed most movie theaters and sent bored, homebound customers in search for entertainment. Almost 26 million new people worldwide subscribed to Netflix in the first half of 2020, the largest growth spurt in Netflix’s history, and the company rushed to add new shows at a rapid clip. This expansion&nbsp;<a href="https://www.forbes.com/sites/joewalsh/2020/10/20/netflix-subscriber-growth-slows-after-surging-during-pandemic/?sh=690475e7244e">stalled</a>&nbsp;between July and September, when the company added just 2.2 million new subscribers, and Netflix expects growth to remain more modest for the next few months.</p>



<h4>TANGENT</h4>



<p>Netflix faces stiff competition from smaller streaming services, including longstanding rivals like Disney’s Hulu and&nbsp;<a href="https://www.vulture.com/2019/11/new-streaming-services-2019-2020.html" target="_blank" rel="noreferrer noopener">newer services</a>&nbsp;like Disney+ and NBCUniversal’s Peacock. Most of these services&nbsp;<a href="https://www.thestreet.com/lifestyle/best-streaming-services-cost-15166523" target="_blank" rel="noreferrer noopener">charge</a>&nbsp;less than $10 per month, making Netflix a pricey option in a crowded market. Still,&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2020/q3/Netflix,-Inc.,-Q3-2020-Earnings-Call,-Oct-20,-2020.pdf" target="_blank" rel="noreferrer noopener">Netflix executives believe</a>&nbsp;price increases will not slow their growth as long as the company continues adding enough new shows to justify the cost of a subscription.</p>



<h4>CRUCIAL QUOTE</h4>



<p>“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” Netflix spokesperson Katy Dormer told&nbsp;<em>Forbes&nbsp;</em>in an email. “We’re updating our prices so that we can continue to offer more variety of TV shows and films.”</p>



<h4>FURTHER READING</h4>



<p><a href="https://www.theverge.com/2020/10/29/21540346/netflix-price-increase-united-states-standard-premium-content-product-features" target="_blank" rel="noreferrer noopener">Netflix is raising the price of its most popular plan to $14 today, premium tier increasing to $18 (The Verge)</a></p>



<p><a href="https://www.forbes.com/sites/joewalsh/2020/10/20/netflix-subscriber-growth-slows-after-surging-during-pandemic/?sh=690475e7244e">Netflix Subscriber Growth Slows After Surging During Pandemic (Forbes)</a></p>



<p><em>-By Joe Walsh, Forbes Staff</em></p>


Stay at home and watch TV

Netflix Just Raised The Price Of A Monthly Subscription


<p class="has-drop-cap">A controversial movie release and weaker-than-anticipated growth projections for the third quarter have barely stunted Netflix&#8217;s <a rel="noreferrer noopener" href="https://www.forbes.com/companies/netflix" target="_blank">NFLX</a> <a href="https://www.forbes.com/companies/netflix">0.0%</a> surge this year. Though they took a small hit amid the broader market&#8217;s September correction–after an all-time Netflix high in late August–shares of the Los Gatos, California-based firm are once again nearing peak levels. With the firm set to report earnings Tuesday after the market close, here are five numbers that show just how much the firm has dominated entertainment in the pandemic age.</p>



<h3 class="has-text-align-center"><strong><span class="has-inline-color has-vivid-red-color">$235 Billion</span></strong></h3>



<p>That&#8217;s Netflix&#8217;s market capitalization the day before it&#8217;s set to release third-quarter earnings. It&#8217;s up nearly $100 billion in 2020 alone, making the 23-year-old streaming giant one of the 20 largest companies on the S&amp;P 500 by market cap–ahead of even media mainstays like Walt Disney <a rel="noreferrer noopener" href="https://www.forbes.com/companies/walt-disney" target="_blank">DIS</a> <a href="https://www.forbes.com/companies/walt-disney">-2%</a>, Comcast <a rel="noreferrer noopener" href="https://www.forbes.com/companies/comcast" target="_blank">CMCSA</a> <a href="https://www.forbes.com/companies/comcast">-2.7%</a> and AT&amp;T.</p>



<h3 class="has-text-align-center"><strong><span class="has-inline-color has-vivid-red-color">60%</span></strong></h3>



<p>Netflix shares have soared more than 60% since the beginning of the year. To compare, the S&amp;P 500 is up just 6.5% in 2020. The firm&#8217;s billionaire cofounder and CEO, Reed Hastings, has gotten nearly $2 billion during the pandemic. The 60-year-old, who launched Netflix as a DVD subscription service in 1997 and owns roughly 1% of its shares, is now worth about $5.4 billion.</p>



<h3 class="has-text-align-center"><strong><span class="has-inline-color has-vivid-red-color">195 Million</span></strong></h3>



<p>That&#8217;s the number of paid subscribers analysts expect Netflix will report on Tuesday, up 2.5 million quarter to quarter and in line with the firm&#8217;s latest guidance. Netflix said in July that it added 26 million subscribers during the first half of the year (10 million in the first quarter and nearly 16 million in the second) as homebound consumers facing government-mandated quarantine orders turned to the streaming giant–and away from movie theaters and live shows–for entertainment. That increase could even prove conservative, noted investment research firm CFRA on Monday, reiterating its buy rating on Netflix shares and adding that the firm could be bolstered by an increase in subscribers from international markets.</p>



<h3 class="has-text-align-center"><strong><span class="has-inline-color has-vivid-red-color">$6.4 Billion</span></strong></h3>



<p>Analysts are expecting Netflix will pull nearly $6.4 billion in third-quarter revenues, up more than 20% from the same period last year. The company&#8217;s also expected to report earnings of about $2.13 per share, down from $1.47 per share last year on heightened costs amid the pandemic.&nbsp;</p>



<h3 class="has-text-align-center"><strong><span class="has-inline-color has-vivid-red-color">$670</span></strong></h3>



<p>That&#8217;s the price target Bank of America <a rel="noreferrer noopener" href="https://www.forbes.com/companies/bank-of-america" target="_blank">BAC</a> <a href="https://www.forbes.com/companies/bank-of-america">-2.1%</a> issued on Friday for Netflix, up nearly 17% from a prior target of $575 and representing the highest Netflix price target on Wall Street. Despite near-term uncertainties around second-half subscriber growth–and a <a href="https://www.forbes.com/sites/carlieporterfield/2020/10/12/netflixs-sarandos-defends-cuties-calling-the-controversial-film-misunderstood/">highly criticized</a> movie release, Bank of America said it continues to see the acceleration in Netflix subscriber growth during the first half of the year as a &#8220;permanent benefit.&#8221; Netflix&#8217;s average price target from 39 analysts covering its stock is about $527–within 1% of current prices.</p>



<p><em>-By Jonathan Ponciano, Forbes Staff</em></p>


Netflix

5 Big Numbers That Show Netflix’s Massive Growth Continues During The Coronavirus Pandemic


<p><strong>A look at the never-say-die Nigerian film industry’s emerging money-spinning trends.</strong></p>



<p class="has-drop-cap"><strong><em>P</em>OPULARLY KNOWN AS Nollywood,</strong> Nigeria’s film industry is the world’s second-largest producer of commercial cinema, and also accounts for 5% of Nigeria’s GDP. It is estimated that over 2,500 movies are produced each year in Nollywood with the industry employing more than a million people. Ingenuity and resourcefulness have always been a trademark of Nollywood, from homemade movies to ground-breaking blockbusters over the past decade. But the industry is not without its share of controversies. On the one hand, you have the never-say-die attitude of Nigerians combined with the glitzy and glamorous red-carpet events with celebrities attracting multi-million-naira brand endorsements. But underneath, the industry is characterized by a lack of funding and piracy, which has consistently robbed filmmakers of their revenues. But Covid-19 has led to a halt in Nollywood production decimating millions of dollars in earnings for the industry. The pandemic’s arrival has led to producers looking at new ways of staying afloat as well as focusing on higher-quality movies for streaming giants like Netflix and Amazon who are hoping to take a slice of the 200-million content market. FORBES AFRICA spoke with three of the key players in Nollywood to find out about the current state of the industry and what trends will affect its future. </p>



<hr class="wp-block-separator"/>



<h3 class="has-text-align-center"><strong>‘Nollywood Offers A Gateway To A New Opportunity In Africa’</strong></h3>



<h4 class="has-text-align-center"><strong>Mo Abudu, CEO, EbonyLife Media</strong></h4>



<div class="wp-block-image is-style-default"><figure class="alignleft size-large is-resized"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2020/10/Mo-Abudu-1-703x1024.jpg" alt="" class="wp-image-48273" width="323" height="470" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/10/Mo-Abudu-1-703x1024.jpg 703w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Mo-Abudu-1-206x300.jpg 206w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Mo-Abudu-1-768x1118.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Mo-Abudu-1-1055x1536.jpg 1055w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Mo-Abudu-1-1407x2048.jpg 1407w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Mo-Abudu-1-300x437.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Mo-Abudu-1-600x873.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Mo-Abudu-1-scaled.jpg 1759w" sizes="(max-width: 323px) 100vw, 323px" /></figure></div>



<p>Abudu began EbonyLife in 2013 by launching a premium TV channel and in the same year, the company announced its first international partnership with Disney Media Distribution EMEA on the iconic hit series <em>Desperate Housewives</em>, bringing a new take on the series’ darkly comic view of suburbia to African audiences. In 2018, Sony Pictures Television announced a three-year deal with EbonyLife TV, In January this year, AMC Networks (USA) announced its partnership with EbonyLife to produce <em>Nigeria 2099,</em> an Afro-futuristic crime-drama created by EbonyLife and in June, Netflix signed a multi-title deal with EbonyLife to create two original series and multiple branded films and a series. Abudu shares more:</p>



<p><strong>How has Nollywood evolved over the years?</strong></p>



<p>The Nigerian entertainment industry is currently going through a renaissance. While historically, Nigeria has been dependent on oil and agriculture to subsidize its economy, Nollywood is rapidly taking over this role, not just in terms of content creation, but also in terms of distribution within Africa and the rest of the world. It’s inspiring to see more stories out of Nollywood told by Nigerian creators, and using resources found in Nigeria.&nbsp;</p>



<p>As a result, there is an international desire to invest in Nollywood stories, to make investments in productions within the nation’s borders, and hence elevate the quality of output to make it more appealing to a global audience. For example, among the highlights of our partnership with Netflix will be a film adaptation of <em>Death and the King’s Horseman</em>, a play by Nobel Prize winner Wole Soyinka, and a series based on Lola Shoneyin’s best-selling debut novel, <em>The Secret Lives of Baba Segi’s Wives.</em> Nigerian entertainment is no longer just for Nigeria, but also the world.</p>



<p><strong>How far can Nollywood go in the global content marketplace?</strong></p>



<p>The new interest in black culture and the questioning of colonialization’s legacy has resulted in international interest in Nollywood. Nollywood can draw upon the rising momentum in the United States and the United Kingdom in particular and offer viewers a wide array of works by black creators. Global streaming services are now offering more curated content to subscribers than ever before. Now, millions of people have access to content from Nollywood. EbonyLife’s first feature film <em>Fifty</em>, the only film selected from Nigeria, and one of only five films from the entire continent of Africa from 238 films selected globally for screening at the 2015 BFI London Film Festival, became the first Nigerian film to stream on Netflix in 2015. Our other film projects licensed by Netflix include <em>The Wedding Party 1 and 2, Chief Daddy,</em> and T<em>he Royal Hibiscus Hotel.</em> Recently, Netflix acquired EbonyLife’s most popular drama series: <em>Castle &amp; Castle, Fifty: The Series, Sons of the Caliphate</em>, and <em>On The Real,</em> amongst others.&nbsp;</p>



<p><strong>What are the current trends you are noticing in the content space and how is Nollywood adjusting to those trends? </strong></p>



<p>Nollywood offers a gateway to a new opportunity in Africa – in light of the recent racial tensions around the world, broadcasters are now more committed to commissioning relevant and authentic content reflecting the lives of global black audiences on an ongoing basis. There is a new desire, in short, for authenticity, or people speaking from their own experiences, telling stories from their unique perspectives. Nigeria has a historic tradition of exhibiting emotional, dramatic, and dynamic, rich content. Nigerian audiences have always been unafraid to see social issues mixed even into otherwise escapist entertainment. New media and the craving for new ideas has made Nollywood creators interested in exploring new formats for storytelling. Nigerian creators are also seeking outside training and resources to produce films that meet high international standards of visual and artistic interest. To meet this demand, EbonyLife is setting up a creative academy to build a bridge to the sub-Saharan African film and television industry, towards a value chain based on international best practices.&nbsp;</p>



<p><strong>How has Covid-19 affected the Nigerian entertainment industry? </strong></p>



<p>In light of Covid-19, many international film festivals and global conferences have gone online, which has enabled more Nigerian creators to gain access to new audiences through live streams and virtual spaces rather than physical sessions that are more costly to attend. As a result, the online move has opened doors for virtual networking and building opportunities with Nigerian creatives in the industry. The pandemic also forced Nollywood to work differently, to become more technology-driven in a manner that reaches more specific niches, including black audiences all over the world.&nbsp;</p>



<p>There are now more reasons than ever to connect people around the world via the internet. The fact that more people are watching content on the small screen versus movie theaters has, in particular, caused this shift. Despite the halted production and gradual move back with increased health insecurity and insurance costs, interest in film-making remains high in Nigeria. The loss of jobs has balanced with opportunities for innovation. There has been a greater focus on pre-production, story development, writing and post-production work virtually.</p>



<h3 class="has-text-align-center">‘We Have Stories The World Hasn’t Heard’</h3>



<h4 class="has-text-align-center">Omoni Oboli, Actress, Producer and Director</h4>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2020/10/Omoni-Oboli-2-scaled-e1602166800868-746x1024.jpg" alt="" class="wp-image-48276" width="413" height="567" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/10/Omoni-Oboli-2-scaled-e1602166800868-746x1024.jpg 746w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Omoni-Oboli-2-scaled-e1602166800868-219x300.jpg 219w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Omoni-Oboli-2-scaled-e1602166800868-768x1054.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Omoni-Oboli-2-scaled-e1602166800868-1120x1536.jpg 1120w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Omoni-Oboli-2-scaled-e1602166800868-1493x2048.jpg 1493w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Omoni-Oboli-2-scaled-e1602166800868-300x412.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Omoni-Oboli-2-scaled-e1602166800868-600x823.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Omoni-Oboli-2-scaled-e1602166800868.jpg 1707w" sizes="(max-width: 413px) 100vw, 413px" /></figure></div>



<p>Oboli began her career in 1996. Her company, Dioni Visions Entertainment, has produced blockbusters in Nigerian cinema, with such films as <em>Being Mrs Elliott, Wives On Strike</em> and <em>Okafor’s Law</em> which was an official selection at the 2016 Toronto International Film Festival. Her movies are on Netflix, Amazon Prime, Iroko, and other streaming platforms. Her views on the movie business:</p>



<p><strong>How would you describe the current state of the Nigerian entertainment industry?</strong></p>



<p>The Nigerian movie industry needs a major boost to spark the flames that are clearly unwilling to be put out. Unlike other forms of entertainment, movie producers have only the sales and release of their movies to make their money back. With no serious checks and curtailing of the nature of piracy and no aggressive protection of intellectual property, we’re pretty much left to our own individual means of getting our money back from our work.&nbsp;</p>



<p>While all areas of entertainment are touched, I’m more specific about the movie business. We’ve been able to push our products far and wide with little resources, so it’s clear we have what it takes to break the ceiling given the talent that abounds, but without the structured means of having good returns on our investment, it’s hard for so many who are in the industry, especially those who are not at the top of the food chain, to make ends meet. There’s hope, and that’s the hope many hold on to.&nbsp;</p>



<p><strong>What factors would you say have contributed to the global demand for Nollywood?</strong></p>



<p>The first would be the obvious one: migration. With Africans everywhere in the diaspora, our movies, music and brand of comedy, and stage performances, are being demanded by them first, and then by others who see the infectious frenzy around our work by Africans everywhere. Our movies and entertainment bring a nostalgic feeling. The next is our unique stories. We have stories that the world hasn’t heard, or nuances to the same stories that breaks the monotony of the often-recycled stories.&nbsp;</p>



<p>What we may lack in production value, [compared to the likes of Hollywood and Bollywood], we are able to hold our audiences with the storylines, which are different, but resonate with everyone who watches them. Also, with the internet and social media, we can see the cross-cultural advantages that come with the global village and the growing yearning for inclusion and diversity. Whatever the reason, we love what we see with the popularity of our work.&nbsp;</p>



<p><strong>Do you think Nollywood has what it takes to compete in the global content market? </strong></p>



<p>Sure it does. Nollywood started as the outlier; the great stories (product) with a poor wrapping, but has metamorphosed into the more presentable work we see today, and improving and competing with contemporaries the world over. We may not have arrived where we’re going, but where and what we are right now is far from, and better than, where we used to be. We have the stories, and with new stories to tell, the world has come to appreciate what we’re saying, and with time, has grown to appreciate and celebrate how we’re delivering it. With better returns on our investment, we can see more and more works of great art with each year and each producer pushing the envelope to give our stories more life and present our stories in its raw yet easy-to-watch format that resonates with all audiences. With the growing love the world has for our music, and its expression by us through our movies, we have seen more foreigners beginning to appreciate our candid presentations that are closer to our reality than if they were shot by a foreigner who may have the means to do justice to the production value, yet lose the essence that makes it authentically Nigerian. You can’t separate our stories from our mannerisms and language and culture.</p>



<h3 class="has-text-align-center">‘The Progress Of Nollywood Is In Leaps And Bounds Now’</h3>



<h4 class="has-text-align-center">Richard Mofe-Damijo, Actor and Producer</h4>



<div class="wp-block-image is-style-default"><figure class="alignright size-large is-resized"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2020/10/Richard-Mofe-Damijo-e1602166644833-822x1024.jpg" alt="" class="wp-image-48275" width="369" height="459" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/10/Richard-Mofe-Damijo-e1602166644833-822x1024.jpg 822w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Richard-Mofe-Damijo-e1602166644833-241x300.jpg 241w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Richard-Mofe-Damijo-e1602166644833-768x956.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Richard-Mofe-Damijo-e1602166644833-300x374.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Richard-Mofe-Damijo-e1602166644833-600x747.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2020/10/Richard-Mofe-Damijo-e1602166644833.jpg 853w" sizes="(max-width: 369px) 100vw, 369px" /></figure></div>



<p>Mofe-Damijo, popularly known by the moniker ‘RMD’ is one of the most successful actors in Nollywood. At 59 years old, the veteran actor has starred in over 75 movies and is also a qualified lawyer specializing in Intellectual Property. Over his acting career, which spans a period of 37 years, he has won every best actor award there is as well as is the only actor who has won the prestigious African Movie Academy Awards twice for best actor along with receiving a lifetime achievement award. He is the founder of RMD Productions which produces content for DSTV as well as is currently developing a slate of docu series in Nigeria. He is also starring in a lead role in Netflix’s first original Nigerian series.</p>



<p><strong>How far has Nollywood come over the years?</strong></p>



<p>The progress of Nollywood is in leaps and bounds now and there is a lot of collaboration with other film-making countries in the world. The streaming services have been very kind to us in Nigeria, so Nigerian movies have a very strong presence on the Netflix and Amazon platforms&#8230; So, in terms of impact, they usually say we are the second-largest film production industry in the world or the third, always between Hollywood or Bollywood and the good thing is we are in contention.&nbsp;</p>



<p>Covid-19 has been a major threat to the industry but just like the never-die spirit of Nigeria, we are all back again and making sure we keep producing movies.</p>



<p><strong>What factors have led to the proliferation of Nollywood on the global market?</strong></p>



<p>The authenticity of our stories means we tell our stories in the best way we can. We don’t have access to funds as most Hollywood or Bollywood movies will have. What we do here is like performing bypass surgery with forks and knives because of the limited funds. Technology has improved so we have embraced technology in production. So at least the standard of production has increased significantly. This has accounted for the big box office movies we have and created the cinema-going culture.&nbsp;</p>



<p>Nigerians are also getting cast in international movies now and we have more or less affected the whole of the West African region and African continent and a lot of them are now also looking inward to tell their own stories. Nigerians in the diaspora are constantly looking for ways to connect back home so our movies have become a tool for them to connect. The reason Netflix is here is because they know we can compete; our films are beginning to speak for themselves.</p>



<p><strong>What new trends are shaping the stories being told in Nollywood?</strong></p>



<p>Producers are looking to get their movies to the point where we can get our movies to be judged for international awards now and this means we are going to get more authentic stories from Nigeria.&nbsp;</p>



<p>This is something that will help boost our movies globally.</p>


Screenshot 2020-10-08 at 16.13.58

The Blockbuster Named NOLLYWOOD


<p>The 2020 Emmy Awards aired Sunday night, celebrating what has, to many, been a bright spot during a gloomy year: television. While the big winners offered few surprises—&nbsp;<em>Succession&nbsp;</em>and&nbsp;<em>Watchmen</em>&nbsp;were favorites entering the night—the broadcast delivered: The heartwarming father-son shots of the<a href="https://www.forbes.com/sites/kemberliespivey/2020/09/20/schitts-creek-star-eugene-levy-wins-his-first-emmy-in-37-years-along-with-his-son-daniel-levy/#286702222a70">&nbsp;Levys winning award after award</a>&nbsp;for their roles in the comedy&nbsp;<em>Schitt&#8217;s Creek</em>, the thrill of&nbsp;<a href="https://www.forbes.com/sites/kemberliespivey/2020/09/20/zendaya-becomes-youngest-emmy-winner-for-lead-actress-in-drama/#6307314b742d">Zendaya’s bombshell win</a>&nbsp;for&nbsp;<em>Euphoria</em>&nbsp;and all of it packaged in the first live award show put on during the pandemic that managed to run smoothly.&nbsp;</p>



<p><a href="https://www.forbes.com/sites/maddieberg/2020/09/20/emmy-awards-2020-the-winners-list-updating-live/#7537639449b5"><strong><em>Emmy Awards 2020: The Winners List</em></strong></a></p>



<h3 class="has-text-align-center"><strong>Surprise:&nbsp;<em>Schitt’s Creek’s</em>&nbsp;sweep</strong></h3>



<figure class="wp-block-embed-twitter aligncenter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">🎵 took a long time to come 🎵 <a href="https://t.co/SN7ZKsCH82">pic.twitter.com/SN7ZKsCH82</a></p>&mdash; Schitt&#39;s Creek (@SchittsCreek) <a href="https://twitter.com/SchittsCreek/status/1308233064405966854?ref_src=twsrc%5Etfw">September 22, 2020</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>While everyone expected&nbsp;<em>Schitt’s</em>&nbsp;<em>Creek</em>&nbsp;to take home a number of trophies, the Canadian series’ sweep of the seven top comedy awards was unprecedented in the Emmy’s 72-year history. The show took home all four comedy acting awards, Best Writing and Directing of a Comedy, and Best Comedy Series. The show also produced father-son wins for Eugene and Daniel Levy, who won for both writing, directing and acting. The unspoken winner behind it all?&nbsp; Pop TV: The cable network walked away with more Emmys than Netflix&nbsp;<a href="https://www.forbes.com/companies/netflix" target="_blank" rel="noreferrer noopener">NFLX</a>&nbsp;<a href="https://www.forbes.com/companies/netflix">+3.7%</a>.</p>



<h3 class="has-text-align-center"><strong>Snub: Every other comedy</strong></h3>



<p>Sure,&nbsp;<em>Schitt’s Creek&nbsp;</em>was expected to take home comedy’s big wins, but a seven-for-seven streak was not—and it meant a number of shows and actors got completely locked out of the winners’ circle, including&nbsp;<em>Ramy’</em>s Ramy Youssef,&nbsp;<em>Dead to Me’</em>s Linda Cardellini and&nbsp;<em>The Good Place’</em>s D’Arcy Carden.&nbsp;<em>What We Do in the Shadows,&nbsp;</em>an underdog favorite for Best Comedy Series, also walked away empty handed.</p>



<h3 class="has-text-align-center"><strong>Surprise: The 2020 Emmy Awards Broadcast</strong></h3>



<p>The 2020 Emmy Awards were a gamble. As the first awards show to go completely live during the coronavirus pandemic, they relied on flexibility, an unflappable host and reliable wifi. Insiders and outsiders raised their eyebrows in skepticism when the Television Academy announced its plan. But the night seemingly went off without a hitch. Despite the fact that the Emmys dispatched more than 100 cameras to nominees all over the country, there were no technical glitches to speak of, and host Jimmy Kimmel handled the delicate task of hosting the show during a global pandemic, raging wildfires and political division with grace, aided by quarantine-favorite DJ D-Nice.</p>



<h3 class="has-text-align-center"><strong>Snub: Netflix</strong></h3>



<p>Netflix may have had more nominations than any other network or streaming service with a record 160 nods, but still walked away from Sunday’s show nearly empty handed. The only awards the streamer won during the Primetime Emmy ceremony were for Best Supporting Actress, Drama (Julia Garner of&nbsp;<em>Ozark</em>) and Best Directing, Limited Series (<em>Unorthodox)</em>. Including the creative arts Emmys, Netflix won a total of 21 awards.&nbsp;<a href="https://www.forbes.com/sites/tonifitzgerald/2020/09/20/in-prestige-tv-vs-streaming-emmy-showdown-prestige-wins-by-a-mile/#1af74f1b2508">HBO took home</a>&nbsp;30 awards out of its 107 nominations, including 12 at the primetime ceremony with&nbsp;<em>Succession&nbsp;</em>and&nbsp;<a href="https://www.forbes.com/sites/kemberliespivey/2020/09/20/yahya-abdul-mateen-ii-wins-his-first-emmy-dedicating-statuette-to-all-of-the-black-women-in-my-life/#14671e1e6f2e"><em>Watchmen</em></a>&nbsp;scoring big wins in the Drama and Limited Series categories. Meanwhile Disney+,&nbsp; Amazon Prime&nbsp;<a href="https://www.forbes.com/companies/amazon" target="_blank" rel="noreferrer noopener">AMZN</a>&nbsp;<a href="https://www.forbes.com/companies/amazon">+0.2%</a>&nbsp;and Apple&nbsp;<a href="https://www.forbes.com/companies/apple" target="_blank" rel="noreferrer noopener">AAPL</a>&nbsp;<a href="https://www.forbes.com/companies/apple">+3%</a>&nbsp;TV+ are still far behind the big two; those streaming services took home eight, three and one awards, respectively, with Apple TV+ the only one to win a prize on Sunday night.&nbsp;</p>



<h3 class="has-text-align-center"><strong>Surprise: Diversity&nbsp;</strong></h3>



<p>The Emmy Awards—like Hollywood itself—are notorious for their lack of diversity, but the issue took center stage on Sunday. Throughout the broadcast, the Emmys brought attention to the issue of the need for diversity in television with&nbsp;<em>Insecure’</em>s Issa Rae,&nbsp;<em>Ugly Betty’s</em>&nbsp;America Ferrara and&nbsp;<em>The Chi’</em>s Lena Waithe sharing their experiences as women of color in the industry. This year’s acting nominees, which were announced at the height of the protests for racial equality this summer, were notably diverse. A record 39 people of color were nominated out of the 102 acting nominations. It is rare that those nominations translate to wins; this year a total of seven acting awards went to Black performers, a new record. On Sunday’s ceremony Black actors took home four of 16 awards, with&nbsp;<a href="https://www.forbes.com/sites/kemberliespivey/2020/09/20/regina-king-wins-her-fourth-emmy-for-lead-actress-in-a-limited-series-or-movie/#502711a967b1">Regina King taking home her fourth Emmy</a>—she now ties with Alfre Woodard for the most Emmy wins for a Black performer—and Zendaya became the second Black woman to ever take home the award for Best Lead Actress in a Drama. But there is work to be done. The winners, behind and in front of the camera, are still overwhelmingly white, and Latinx and disabled people were completely shut out of the nominations. “I love being a Black woman, I loved being a Black girl,&#8221; King said in the press room following her win.&#8221;I love being American, and it&#8217;s important that people see all of those things together.”</p>



<h3 class="has-text-align-center"><strong>Snub: Jennifer Aniston</strong></h3>



<p>Going into the night, Jennifer Aniston was the favorite for Best Actress in a Drama Series. America’s sweetheart returned to television in a starring role for the first time since&nbsp;<em>Friends</em>&nbsp;wrapped in 2004. She never won an Emmy for her breakout role as Rachel, and her dramatic turn in Apple TV+’s&nbsp;<em>Morning Show&nbsp;</em>seemed like a natural winner. While critics unanimously praised Zendaya’s performance as a struggling teenage drug addict in HBO’s&nbsp;<em>Euphoria,</em>&nbsp;her win for Best Lead Actress in a Drama seemed to shock her as much as it did the viewers. The youngest woman to ever win the award at age 24, she spoke to her generation as she accepted the award.</p>



<blockquote class="wp-block-quote is-style-large"><p>“I just want to say to all our peers out there doing the work in the streets: I see you, I admire you, I thank you.”</p><cite>-Zendaya</cite></blockquote>



<figure class="wp-block-embed-twitter aligncenter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Still don’t really have any words&#8230;.feeling so much love right now, thank you. <a href="https://t.co/ZKpn46lLiW">pic.twitter.com/ZKpn46lLiW</a></p>&mdash; Zendaya (@Zendaya) <a href="https://twitter.com/Zendaya/status/1308106132590792704?ref_src=twsrc%5Etfw">September 21, 2020</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p><em>By Madeline Berg, Forbes Staff</em></p>


Emmy Host Jimmy Kimmel laughs with stage Manager Gary Natoli during rehearsals Friday for the 72nd Annual Emmy Awards taking place at Staples Center this Sunday.

Tag: Netflix

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