Netflix (NASDAQ: NFLX) plans to spend $17 billion in cash on content production and licensing this year, but it could be just getting started. When asked if Netflix could double or triple its content spending during the company's third-quarter earnings call, CEO Reed Hastings replied, "You're definitely thinking too small." Netflix expects to play a bigger and bigger role in people's entertainment choices for years to come.
Manhattan has long been the most expensive borough for renters, with Brooklyn often seen as the consolation prize for those priced out. The gap in median rents for Manhattan and Brooklyn has narrowed greatly over the years. Back in February 2008, Manhattan's median rents were at $3250, and Brooklyn's were $2200 -- a difference of more than $1000 -- according to a Miller Samuel/Douglas Elliman report.
A few days before Netflix (NASDAQ: NFLX) reported third-quarter earnings, I decided to buy some shares. Rather, I was encouraged with where Netflix is clearly headed over the long term. With a recent hit like Squid Game, Netflix is proving it can cross cultural boundaries and appeal universally to everyone.