Business
Netflix’s Password-Sharing Crackdown Reels In Subscribers As It Raises Prices For Its Premium Plan
SAN FRANCISCO—— Netflix revealed on Wednesday that it has gained more midsummer subscribers than anticipated by industry analysts. This suggests that the video streaming service’s efforts to restrict password sharing successfully convert previous freeloaders into paying customers.
Netflix also announced that to generate even more revenue, the cost of its most expensive streaming service in the United States would increase by $2 to $23 per month or 10% and that its cheapest, ad-free streaming plan would cost $12 or another $2 increase. The $15.50 monthly price for the most popular streaming option on Netflix in the United States and the $7 monthly plan with intermittent commercials will both remain unchanged.
Additionally, pricing increased for subscribers in the United Kingdom and France.
From July to September of last year, the organization acquired an additional 8.8 million subscribers globally, more than three times the number acquired at the same time in the previous year. During that period, Netflix struggled to regain customers after experiencing a decline in the first half of last year. As a result, Netflix now has approximately 247 million subscribers globally, which is significantly more than the 243.8 million predicted by analysts surveyed by FactSet Research.
Additionally, Netflix’s financial performance exceeded analysts’ estimates, determining investor anticipation. In addition to revenue increasing 8% to $8.54 billion, the Los Gatos, California-based firm earned $1.68 billion, or $3.73 per share, a 20% increase from last year.
Netflix’s Password-Sharing Crackdown Reels In Subscribers As It Raises Prices For Its Premium Plan.
In extended trading, the company’s stock price increased by over 12 percent following the release of its most recent quarterly results. As accumulating evidence that its video streaming service is outperforming the majority in a crowded field of competitors that are challenging the financial limits of many households, Netflix shares have increased by about 30% so far this year.
Already surpassing the 8.9 million subscribers it gained for the previous year, Netflix has amassed over 16 million subscribers through the initial nine months of this year. However, this figure remains a small portion of the over 36 million additional subscribers that Netflix acquired in 2020 when the service capitalized on the pandemic as a lucrative opportunity to entertain individuals confined to their homes.
Despite progress in gaining subscribers this year, there has been labor unrest in the entertainment industry, partially fueled by writers’ and actors’ grievances regarding inequitable compensation offered by video streaming platforms like Netflix. By utilizing a backlog of completed U.S. television series and films, as well as productions produced in international markets unaffected by the labor disputes, the organization has managed to endure the writers’ strike that was recently resolved and the subsequent strike by actors.
Netflix estimates spending around $17 billion on television series and films in the coming year, ostensibly to restore its library of original content once everyone returns to work.
Netflix’s Password-Sharing Crackdown Reels In Subscribers As It Raises Prices For Its Premium Plan.
As a result of Netflix’s decision to discontinue the practice of granting subscribers the ability to disclose their account passwords to individuals outside their residences, a greater number of viewers who had previously accessed the video service without charge have registered for their accounts. Additionally, the enforcement has benefited Netflix by permitting current subscribers to charge higher monthly fees for using their accounts by individuals residing outside their households.
Netflix co-CEO Greg Peters responded, “We are extremely pleased with how things have been going,” in response to a question regarding the password-sharing enforcement during a video conference call on Wednesday. He forecasted that the crackdown would result in additional subscriber gains for at least several more quarters as Netflix confronts an increasing number of “borrower households” regarding unauthorized viewing of the service’s content.
The evident triumph of the assault on password sharing may enable the administration to allocate resources towards alternative revenue-generating strategies, such as introducing an advertising-supported low-priced option a year ago.
The decision by them to allow commercials on its service has yet to be a significant success. However, Uday Cheruvu, an analyst at Harding Loevner, believes that this will change as advertisers realize that the personal information the company has gleaned from viewers’ entertainment preferences can be used to target commercials at consumers most likely to purchase their products, just as Google and Facebook have been doing for years. During the video conference call, Peters stated that Netflix is already collaborating with its advertising partner, Microsoft, to more precisely target its commercials.
“I believe Netflix’s advertising potential is undervalued,” stated Cheruvu. “The level of audience engagement with the video advertisements on that platform may be several times greater than that of a social media platform.”
In a letter to shareholders, Netflix stated that approximately 30% of its new subscribers are selecting the $7 plan with advertisements, a trend that is likely to increase advertiser spending. The increased cost of Netflix’s premium plans may discourage some users from switching to the ad-supported alternative.
“The era of’streamflation’ has arrived, and consumers can anticipate price increases, limits on password sharing, and ad-supported options,” said Scott Purdy, U.S. media leader for KPMG.
SOURCE – (AP)
Business
Amazon Strike Called By Teamsters Union 10,000 Walkout
An Amazon strike has hit facilities in the United States in an effort by the Teamsters union to pressure the corporation for a labour agreement during a peak shopping season.
The Teamsters union told the Associated Press that Amazon delivery drivers at seven facilities in the United States walked off the job on Thursday after the firm failed to discuss a labour contract.
According to the union, Amazon employees in Teamsters union jackets were protesting at “hundreds” of additional Amazon facilities, which the union billed as the “largest strike” in US history involving the company.
The corporation, which employs over 800,000 people in its US delivery network, stated that its services will be unaffected.
It was unclear how many people, including members of Germany’s United Services Union, participated in Thursday’s demonstration. The Teamsters union reported that thousands of Amazon employees were implicated in the United States.
Amazon Strike at 10 Locations
Overall, the group claims to represent “nearly 10,000” Amazon strikers, having signed up thousands of people at roughly ten locations across the country, many of whom have joined in recent months.
The organization has claimed recognition from Amazon going on strike, claiming the firm illegally neglected its obligation to bargain collectively over salary and working conditions.
The Teamsters is a long-standing US union with nearly one million members. It is well-known for securing lucrative contracts for its members at companies like delivery behemoth UPS.
Most of the Teamsters’ Amazon campaigns have concerned drivers working for third-party delivery companies that partner with the tech behemoth.
Amazon denies that it is liable as an employer in those circumstances, which is a point of legal contention. In at least one case, labour officials have taken a preliminary stance in favour of the union.
Stalled Contract Negotiations
Amazon employees at a major warehouse on Staten Island in New York have also chosen to join the Teamsters. Their warehouse is the only Amazon facility in the United States where labour officials have formally recognized a union win.
However, the Amazon strike is because contract negotiations have not progressed since the 2022 vote. It was not one of the areas scheduled to go on strike on Thursday.
Amazon, one of the largest employers in the United States, has long received criticism for its working conditions and has been the target of activists seeking to gain traction among its employees.
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Business
Amazon Encounters Numerous Strikes As Unions Aim At The Holiday Shopping Surge.
(VOR News) – Thousands of Amazon employees at various sites across the country were scheduled to go on strike on Thursday in an effort by the Teamsters union to pressure the retail behemoth to acknowledge its unionised workers in the United States.
The walkout is expected to concentrate on seven Amazon locations across the country during the holiday purchasing surge and may be the most significant union action against Amazon in the nation’s history.
The business announced on Thursday morning that there had been no effect on operations. It also stated that it is “continuing to concentrate on fulfilling customers’ holiday orders.”
The International Brotherhood of Teamsters maintains that it represents more than 10,000 Amazon employees and contractors in aviation centres, warehouses, and delivery centres.
Amazon has refused to acknowledge the union for many years.
The retail giant, which employs approximately 1.5 million individuals, excludes contractors and part-timers. A strike has been initiated by delivery couriers and warehouse employees at seven distinct locations in order to exert pressure on the company to negotiate a collective bargaining agreement that would encompass modifications to compensation, amenities, and working conditions.
Picketing was intended for New York, Atlanta, Los Angeles, San Francisco, and Skokie, Illinois.
Also, the Teamsters assert that they are establishing picket lines at “hundreds” of additional warehouses and delivery centres by encouraging non-unionized workers to picket under U.S. labour law, which protects workers’ ability to take collective action to further their interests.
“Amazon workers are exercising their power,” Randy Korgan stated to NPR.
“They now realise there is a pathway to take on a corporate giant like this – and that they hold the power.” Amazon responds by accusing the Teamsters of fabricating information regarding the strikes, asserting that the participants are “entirely” outsiders rather than employees or subcontractors of the corporation.
Amazon spokesperson Kelly Nantel stated that “the reality is that they were unable to secure sufficient support from our employees and partners and have invited external parties to harass and intimidate our team.” For more than a year, the Teamsters have been intentionally misleading the public by claiming to represent “thousands of employees and drivers.” They do not.
The Teamsters did not provide a specific duration for the strike; however, they informed NPR that it would extend beyond one day. Workers would receive $1,000 per week in strike money, as per the union.
Teamsters President Sean O’Brien issued a statement in which he stated, “If your package is delayed during the holidays, you can attribute it to Amazon’s insatiable greed.” We established a firm deadline for Amazon to attend the meeting and treat our members equitably. They disregarded it.
The Teamsters granted until December 15 to convene with its unionised employees and develop a collective bargaining agreement.
Amazon has opposed all unionisation efforts in court, asserting that unions were not advantageous to its employees and emphasising the compensation and benefits that the organisation currently provides.
Amazon has been accused of discriminatory labour practices on numerous occasions, including the termination of labour organisers. Furthermore, it has disputed its official status as a contract employer.
Teamsters organize Amazon delivery couriers and other employees.
In June, Amazon established its first unionised warehouse in Staten Island, New York, two years after making history by voting to join the fledgling Amazon Labour Union, which is also affiliated with the Teamsters.
The union is one of the most influential in the United States and Canada, with 1.3 million members. On Thursday, the German United Services Union declared that Amazon employees in Germany would participate in a strike in conjunction with their American counterparts.
In the past, Amazon has experienced demonstrations in Germany and Spain that were related to the holiday season in order to advocate for improved wages and working conditions.
“The holiday season has arrived.” Delivery is anticipated. Patricia Campos-Medina, the executive director of Cornell University’s Worker Institute, asserts that “this is the moment in which workers have control over the supply chain.”
The Teamsters have reported that Amazon’s profits have increased both during and after the pandemic. The corporation is currently valued at over $2.3 trillion, with net income of $15 billion in the most recent quarter alone. It is the second-largest private employer in the United States, following Walmart.
SOURCE: NPR
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Business
Crown Royal Canadian Whisky Launches 12 Year Reserve Blended
If you enjoy Crown Royal Canadian whisky, the company has announced the launch of a new expression, which will join its lineup of famous sipping whiskies.
As the name implies, Crown Royal Reserve Aged 12 Years Blended Canadian Whisky is a blend of whiskies selected by Crown Royal’s master blenders. Each had been maturing for at least twelve years.
Crown Royal Canadian whisky is a robust, drinkable whisky with flavours of dried fruits, roasted vanilla beans, cinnamon candy, and baking spices. It all culminates with a warming, lingering, spicy finish that leaves you wanting more. It’s subtle and robust enough to drink neat or on the rocks.
“Crown Royal Reserve Aged 12 Years stays true to the tradition of the original Crown Royal Reserve offering while elevating the flavour profile with more pronounced fruity notes,” stated Mark Balkenende, Master Blender of Crown Royal, in a press statement.
“This expression enhances what makes Reserve unique within the Crown Royal portfolio, now featuring the exciting addition of an age statement that provides a more elevated experience for our consumers.”
This 80-proof sipping whisky will be available at select locations in the United States starting this month for a suggested retail price of $49.99. You’ll want to try this unique taste if you enjoy blended Crown Royal Canadian whisky.
About Crown Royal Canadian Whisky
The post-Crown Royal will release a new 12-year-old blended whisky that appeared first in The Manual.
Crown Royal Canadian Whiskey is a classic loved for its smooth taste and rich history. First crafted in 1939 to honour King George VI and Queen Elizabeth’s visit to Canada, this whisky has built a lasting reputation.
Made in Gimli, Manitoba, it has a unique flavour from blending 50 whiskies. It offers a balanced and approachable profile with notes of vanilla, caramel, and oak.
Whether enjoyed neat, on the rocks, or in cocktails, Crown Royal stands out as a top choice for whisky fans. The signature purple bag protects the bottle and is a recognizable symbol. Crown Royal continues representing Canadian quality and pride in the global whisky scene.
Nestled along the western side of Lake Winnipeg in Manitoba is the little town of Gimli, where a committed group of professionals devote their time and love to the production of Crown Royal Fine De Luxe Blended Canadian Whisky.
As proud stewards, these men and women carry out the same process that generations of Crown Royal employees have done before them, demonstrating that each bottle of Crown Royal Fine De Luxe Blended Canadian Whisky contains a lifetime of expertise.
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