Netflix Outkicks Earnings Expectations & Subscriber Growth, Ad Sales Flounder
Netflix shared its Q2 earnings Thursday after the closing bell. The streaming giant reported a second-quarter revenue of $9.56 billion, a 17% increase from the previous quarter and more than from the $9.53 billion expected. Operating income for this quarter totaled $2.6 billion, a 42% year-over-year jump. Subscribers also came in strong as Netflix added another 8.05 million customers, nearly doubling initial forecasts of 4.7 million. However, the stock was down after hours due to lower-than-expected ad sales. The company announced that its VP of ad sales will depart in the wake of the report.
WNBA Reportedly on Precipice of History with $2.2B Broadcasting Deal
A surge in viewership for the current WNBA season is set to be rewarded with a historic broadcast deal, according to multiple reports. Under this new agreement, the W will receive $2.2 billion over 11 years from Disney, Amazon and Comcast – the same three networks that are close to landing rights to broadcast NBA games. That would amount to $200 million per year for the W, more than three times the $60 million it currently gets from media partners Disney, Amazon, CBS and Ion.
Francis Ford Coppola Headlines Kennedy Center Honors
Recipients of the 47th Kennedy Center Honors were revealed Thursday. This year’s festivities will celebrate the work of director and filmmaker Francis Ford Coppola; the four surviving members of the Grateful Dead; singer-songwriter and guitarist Bonnie Raitt; and jazz trumpeter, pianist and composer Arturo Sandoval. The Apollo Theater willmake history as the first institution to be recognized. The annual ceremony is slated for Sunday, Dec. 8 and will air on CBS on Dec. 23.
Amazon Tops Past Performance with $14.2B Prime Day Total
Data obtained by Reuters via Adobe Analyticsrevealed that shoppers in the U.S. spent $14.2 billion during Amazon’s Prime Day event, an 11% increase year over year. The retailer confirmed Thursday it saw “record-breaking” Prime Day revenue, though it didn’t share total sales from the two-day event. While shoppers snagged deals from big brands like Apple, Dyson, and Ring, small businesses also experienced success with more than 200 million products sold during the two-day sales event.
Fenty Beauty Steps up as Premium Partner for Olympics and Paralympics
Fenty Beauty is officially the premium partner for the Olympics and Paralympics games, its first major international sporting event partnership. Rihanna shared the news via Instagram on Thursday with a post that proclaimed “Tried to tell yall….we outside all 2024!!!” Expect to see the billion-dollar brand’s footprint when the Summer Games kick off next week in Paris, whether that include athletes wearing Fenty Beauty products or fans participating in brand activations.
On Location Becomes FIFA 2026 World Cup Hospitality Partner
As plans for the next FIFA World Cup take shape, On Location confirmed Thursday it will serve as the Official Hospitality Provider of the 2026 tournament. Financial terms weren’t disclosed, but the Associated Press writes that FIFA will reportedly make at least $1 billion from the events orchestrated by the deal. On Location already has contracts in place for this year’s Paris Olympic Games and several NFL stadiums where World Cup games are scheduled to be played.
Team USA Taps Google as Official AI Partner of the Paris Olympics
Google has entered a sponsorship deal to be the official AI partner for Team USA and NBCUniversal for the Summer Olympics, the tech giant announced Thursday. Google will mobilize its capabilities in Search, Google Maps, and Gemini to drive content about the Olympic and Paralympic Games across live broadcasts, online, and via social media. Google also teased that Team USA athletes like Dani Aravich, Jagger Eaton, Ilona Maher, Victor Montalvo, Kelsey Plum, and Fred Richard will also test out the latest features they plan to unveil during the competition.