Netflix reported a tremendous loss in its subscriber growth based on the latest second-quarter report of the year, which price increase, the brewing streaming wars, and lulling content all contributed to the streaming company’s plummet. However, Netflix can’t do anything about the first two problems; hence, it’s putting more money in its original content instead.
According to the quarterly report, Netflix lost 130,000 subscribers from the United States—a first for the streaming platform since 2011. Furthermore, only 2.7 million paying customers globally were added in the second quarter, which is not a small number but falls way behind the projected 5 million users.
Netflix stocks dropped by more than 10 percent before the market closed on the day the report came out—equating to around a $17 billion loss from its market value, analysts say.
Notably, the subscriber count loss can mainly be attributed to the price increase the streaming giant implement — an increase from $1 to $2 — which was announced at the start of the year that went into effect a few months after.
The platform is also looking at an imminently decreasing range of content that it can offer to its loyal subscribers, as the streaming wars begin to bleed Netflix dry and consequently, its subscribers in the process.
Specifically, the streaming giant is facing a large problem in its home country due to the looming oversaturation of streaming sites that will soon be available for all US citizens.
WarnerMedia, Disney, and Apple are all launching their own streaming services within the next few years, and they’re bringing their original content with them and taking them out of Netflix.
In recent reports, Netflix will soon be losing several heavily watched licensed series including fan favorites, and most watch TV series Friends and The Office to competitors WarnerMedia and NBC Universal respectively.
In perspective, Disney+ will be involving Hulu and ESPN in its list of available services on top of successful production houses such as Disney, Star Wars, and Marvel for the general price of only $6.99 a month. Netflix’s basic plan is currently at $9.
Meanwhile, WarnerMedia is also launching HBO Max that will certainly feature pop culture icons such as Game of Thrones.
If more than anything, both products could easily persuade US customers in subscribing to their service and away from Netflix.
As of the moment, Netflix has over 60 million paying subscribers in the United States, and the company is confident that it can get that number climb up to 90 million.
However, with the streaming wars looming, Netflix is not taking any chances and are already looking at solutions. Primarily, the streaming giant is looking to get more original content on its platform.
Now, there are permanent studio sets that have been purchased for Netflix to produce films and TV shows faster. It is also putting lots of money behind US shows and movies, signing hundred-million-dollar deals with high-profile showrunners like Shonda Rhimes and Ryan Murphy.
Based on recent reports, the effort is paying off as Netflix continues to break records with its original movies and TV shows. One, in particular, was the recently released Murder Mystery movie that featured the tandem reunion of Adam Sandler and Jennifer Anniston. According to Netflix, who seldom releases viewership statistics, it grossed over 73 million views from household accounts worldwide — more than Netflix’s entire US base.
Stranger Things 3, a Netflix original series that launched in Q3, attracted 26.4 million unique viewers in the first four days of its release in the United States. It was “the most-watched Netflix original series [that] we’ve ever analyzed,” according to Nielsen data.
There’s also more in store this quarter with one of its biggest shows, Orange Is the New Black returns for its final season with Season 7. Variety said that the all-women prison drama series have at least accumulated a massive 105 million users that have watched an episode of the show.
Related: Netflix Originals Is Going Asian
Netflix is also looking to expanding its demographic outside the US and into other markets like Asia and Europe. Thus, it plans to continue ramping production of more original content to cater to these new customers.
Three shows in particular: How to Sell Drugs Online (Germany), The Rain (Denmark), and Quicksand (Sweden) have all found big audiences outside of their native region.
Theodore Anthony Sarandos Jr., the chief content officer for Netflix, said that each show has garnered around 12 to 15 million global viewers and that “they’ve been deeply relevant in the home country, and travel the region very, very well.”
In its letter to shareholders on Wednesday, Netflix said that while its US paid memberships were “essentially flat,” the company expects it to “return to more typical growth” in the third quarter. It expects to add another 7 million subscribers in Q3.
‘Mahmee’ is a startup that wants to help new mothers through an app
Mahmee aims to help new mothers to safeguard their health through an app that connects them to healthcare services and other resources to help women — especially women of color — prevent post emotional and physical health complications.
Founded in 2014, Mahmee is a HIPAA-secure care management platform that makes it easy for payers, providers, and patients to coordinate comprehensive prenatal and postpartum healthcare from anywhere.
The United States is one of the countries with the worst rate of maternal deaths in the developed world, where thousands of women, especially women of color, experience pregnancy-related complications just before or in the year after childbirth. The annual maternity-related death in the U.S. reaches 700 deaths every year, Centers for Disease Control and Prevention said.
This is the reason why Melissa Hanna, CEO of Mahmee and a co-founder, along with her mother, Linda Hanna, put up the business in order to health women to get better access to postpartum and prenatal healthcare. Linda Hanna has been a long-time nurse and lactation consultant, making her see the reality of maternal health in the country – which contributed to their drive to put up their business.
“We believe that comprehensive maternal healthcare is ongoing education and support that addresses the unique intersection of the physical and emotional aspects of pregnancy, postpartum and parenthood, as each individual experiences them,” reads the website of Mahmee.
The service the startup is offering includes an app that connects new mothers to doctors, health care professionals, and motherhood experts. Mothers can sign up on their own and get access to a team of experts, including maternity coaches, nutritionists, and lactation coaches. If their healthcare professional also has an account in the app, the patient and the healthcare professional can share information with each other through the app.
In 2019, the app already has more than 1,000 providers and organizations in its network. In July, the app received $3 million in new funding to grow its team. A huge portion of the new funding comes from the tennis superstar, Serena Williams, who last year shared her horrifying near-death experience after she gave birth to her daughter.
“The idea for Mahmee came about from watching my mom work in this field for years and years and realizing that there was a limited set of tools available to professionals like herself to create the impact that she wanted to have on mothers’ and babies’ lives,” said Melissa Hanna, CEO of Mahmee.
“And after watching her build out very successful programs for hospitals and health systems and all sorts of different experiences in the inpatient setting, we started talking about what could be done in the outpatient setting when patients are home with their families,” she added.
Melissa said in an interview that through the years, Mahmee has been helping new mothers who are experiencing prenatal anxiety and supporting them in preparing for their childbirth experience in the hospital. Some of those that they have helped experience postpartum bleeding and depression.
“In the past 12 months, we’ve had patients who’ve experienced severe blood loss and postpartum hemorrhaging. We’ve worked with families and with mothers that are experiencing prenatal anxiety and supporting them in preparing for their childbirth experience in the hospital. There have been patients who have experienced postpartum depression; in some cases, some very severe postpartum psychosis symptoms,” she said.
Furthermore, Melissa echoed the problem and how black women are the most affected by it. She said that there is a discrepancy on how black mothers and infants are being taken care of in the hospital.
“What we’re seeing now is the crisis of maternity and infant health care come to the surface because the stats around black mother and black infant mortality and morbidity are so inexcusable. There’s a huge discrepancy in how patients are cared for,” she added.
Melissa said that Mahmee also practices what is called “culturally competent care,” where “from day one our team is getting trained on how to listen to families’ concerns actively, and specifically to read between the lines of the things that are being shared by new mothers.”
In the end, Melissa and her mom only hoped for a future where new mothers are safe and well taken care of – no matter what color their skin is. And they hope that Mahmee, as an app, can democratize access to necessary healthcare attention to every mother in the United States.
TuSimple self-driving trucks is the future of cargo delivery
Cargo and mails have been delivered inside Arizona by self-driving trucks that people don’t even know about as UPS has only announced this week that they have been using TuSimple, a self-driving car startup, to move cargo around the state for quite some time.
The announcement comes with the disclosure that UPS has also made a funding venture to help the startup. Since May, TuSimple autonomous trucks have been hauling UPS loads on a 115-mile route between Phoenix and Tucson.
The shipping and cargo company confirms that this is the first time that they have used TuSimple’s autonomous trucks to deliver mails across the state.
TuSimple is a shipping and cargo startup that prides itself with autonomous and self-driving trucks, which, according to their website, would cut the average cost of shipping in a tractor-trailer by 30 percent. “Our proprietary AI is capable of long-distance highway driving, and complex surface street driving – enabling fully autonomous deliveries from one depot to another,” read’s TuSimple’s website.
They also advertise that they have road-safe autonomous trucks designed with an AI that is trained to respond to road incidents in the shortest possible time.
“At highway speeds, 1000 meters provides 35 seconds of time to react, enabling the system to make the safest and most efficient driving decisions,” reads the startup’s website. “Our perception system is designed to identify objects and obstacles, even in adverse weather conditions.”
The promising pitch of the startup has awakened the interest of huge shipping and cargo companies like UPS. In an announcement about their funding for the startup, UPS Ventures managing partner, Todd Lewis, said the venture arm “collaborates with startups to explore new technologies and tailor them to help meet our specific needs.”
The startup is also what shipping companies are looking at as a solution to the declining number of truck drivers in the United States.
“Long-haul routes with short turnaround times, such as this 22-hour journey, are well suited for self-driving trucks because they are normally accomplished with driving teams of two. Driving teams are challenging to recruit due to overnight driving requirements, the need to share close quarters with another person and a significant truck driver shortage,” said TuSimple in a press release.
In the partnership announcement from UPS, the shipping giant said that TuSimple has been helping them understand how to get to Level 4 autonomous driving where a vehicle is fully autonomous and able to reach a particular location. Right now, the TuSimple self-driving trucks still have an engineer and a safety driver tagging along the trip, but UPS is hopeful that with the help of the startup and the backing of huge shipping companies, they will be able to find a way to automize their delivery trucks fully.
Right around the time that UPS announced its partnership with TuSimple, the same deal was made between the startup and the United States Postal Service (USPS) to have a two-week pilot operation to deliver mail between Phoenix and Dallas, a 1,000-mile trip.
The pilot operation with USPS will involve five round trips totaling over 2,100 miles, estimated at about 45 hours of driving, and will pass through major interstates spanning Arizona, New Mexico, and Texas.
The partnership with huge shipping companies could help the San Diego-based startup be more commercialized, the founder said. “Performing for the USPS on this pilot in this particular commercial corridor gives us specific use cases to help us validate our system, and expedite the technological development and commercialization progress,” Dr. Xiaodi Hou, ‘TuSimple’s founder, said in a statement.
“It is exciting to think that before many people ride in a robo-taxi, their mail and packages may be carried in a self-driving truck,” added Dr. Xiaodi Hou.
The startup aims to be the pioneer in providing autonomous trucks to serve shipping companies in the U.S., and it aims to boost the shipping industry as well.
“TuSimple is aiming to boost the $800-billion U.S. trucking industry by increasing safety, reducing carbon emissions and transportation costs, and optimizing logistics for fleet operators. With a 1000 meter vision range, TuSimple autonomous trucks are safer because they can see more and react faster than humans – rain or shine, day or night,” reads a press release.
Alibaba’s Joe Tsai buying Brooklyn Nets and Barclays Center for $3.5 billion
Joe Tsai is reportedly buying the Brooklyn Nets and the Barclays Center for around $3.5 billion. The agreement could be announced as soon as Friday.
The Taiwan-born Tsai is among the 18 co-founders of Alibaba. He currently sits as the executive vice-chairman of the company. Forbes estimates his worth to be around $9.9 billion. He is Alibaba’s second-largest shareholder after Jack Ma. The Yale-educated businessman is presumed to take on an even bigger role once Ma steps down from Alibaba.
The deal would give Tsai control of the Brooklyn Nets. In May 2018, Tsai was able to buy 49% of the Brooklyn Nets from Mikhail Prokhorov for $1 billion.
Upon closing the deal last year, Prohorov welcomed Tsai into the organization and said: “We are excited to have Joe as a partner. He brings tremendous global experience, a passion for basketball, and shares our vision for the development of the Nets”
In last year’s deal, Tsai was given the option to buy the remaining stake of the team in 2021. However, it seems that the deal would be coming earlier than expected. Prohorov currently owns 59% of the basketball franchise.
If the deal between Tsai and Prohorov has been finalized, this would give the former full ownership of the team — two seasons earlier than anticipated. With the team’s valuation of $2.35 billion, this deal would make it the highest price ever paid for a sports team franchise in history.
The current record is held by David Tepper and Tilman Fertitta. Tepper bought the NFL’s Carolina Panthers in 2018 for $2.2 billion. In 2017, the owner of multi-brand corporation Landry’s, Fertitta bought the Houston Rockets for the same amount.
The ownership of the Brooklyn Nets is not the only deal that Tsai is reportedly making with Prokhorov. In a separate deal, Prokhorov is selling his stakes in the Barclays Center to Tsai. The arena is where the Nets play during their home games. This follows the NBA’s preference for the team and the arena where they play to be under one ownership. If both deals are combined, it would amount to a record-breaking $3.5 billion.
Joe Tsai is no stranger to sports team ownership. Before buying his stakes of the Nets, Tsai bought box lacrosse team — San Diego Seals. In January 2019, he headed a group that bought the WNBA’s New York Liberty from The Madison Square Company. A month after, Tsai joined The Raine Group and The Chernin Group in investing in a new lacrosse league — the Premier Lacrosse League.
With the Nets deal, this would make Tsai as the eight richest sports team owner in the world. In the NBA, he becomes second only to the owner of the Los Angeles Clippers, Steve Ballmer.
The change in the principal owner of the Brooklyn Nets comes after the team’s good run in the NBA last season. The team made it to the playoffs for the first time in four years.
Before the new NBA season starts, the Brooklyn Nets have already gotten the services of two free agents — Kyrie Irving and Kevin Durant. With the addition of the pair to the team roster, attendance is expected to increase. Last season, the Nets ranked 14th in terms of attendance with an average 14,941 per game.
While Tsai’s take over of the Nets is still subject for approval by the NBA, this move is seen as something positive and beneficial to and for the league. The NBA is currently growing at a rapid speed in China. To add, Joe Tsai is part of NBA China’s board. NBA China conducts the league’s business in the country.
With the NBA’s growth in the country, it has become such a massive business. The NBA has become China’s most popular sports league. With its growing fanbase, the NBA has also expanded its reach by opening NBA stores in China. In April of this year, the NBA opened its biggest official store outside of North America in Beijing.
Dubbed as the “Joe Tsai effect,” the Brooklyn Nets will be joining the Los Angeles Lakers in the 13th edition of the NBA China Games. The two teams will play two preseason games in Shanghai and Shenzhen in October.
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