Promoting two features and three documentaries, Netflix’s Telluride Film Festival dinner at Rustico spanned two long tables crammed with journalists, staff, and stars like Greta Gerwig, Adam Driver, Adam Sandler, and Laura Dern. This was Netflix CEO Reed Hastings’ third year in Telluride, only this time he was accompanied by the largest team of any Hollywood entertainment company.
It was an impressive showing, but the world has shifted dramatically since Netflix spent $50 million promoting last year’s Oscar title, “Roma.” On February 25, the morning after Alfonso Cuaron’s black-and-white drama won three of Netflix’s 15 Oscar nominations (but not Best Picture), Netflix stock opened to $367.01. At this writing, the price hovers around $288.
That makes the paradigm-busting Netflix look more human, less Pennywise, but the more complicated truth is Netflix can no longer occupy the role of studio bogeyman: Between Disney +, Hulu, Apple+, HBO Max, and Amazon, there’s too much competition.
It was an impressive showing, but the world has shifted dramatically since Netflix spent $50 million promoting last year’s Oscar title, “Roma.” On February 25, the morning after Alfonso Cuaron’s black-and-white drama won three of Netflix’s 15 Oscar nominations (but not Best Picture), Netflix stock opened to $367.01. At this writing, the price hovers around $288.
That makes the paradigm-busting Netflix look more human, less Pennywise, but the more complicated truth is Netflix can no longer occupy the role of studio bogeyman: Between Disney +, Hulu, Apple+, HBO Max, and Amazon, there’s too much competition.
- 9/6/2019
- by Anne Thompson
- Thompson on Hollywood
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