🎬 They Want More Money 💰

👋 Good morning! Welcome aboard the Dailies.

Whether you're a seasoned subscriber or a new arrival, we're thrilled to have you here. Twice a week, on Mondays and Thursdays, we'll deliver the most important industry scoops directly to your inbox.

🎞 Here’s what’s on the reel today:

• Closeup: Netflix’s Big Moves

• Skydance Finds New Home

• LA Filming in Freefall

• SAG and Video Game Talks Rev Up

• Last Looks 👀: Bite-sized scoops on developing stories/projects

• Release Radar: What to watch this weekend

• Video Village 📀

• Martini Shot 🍸

But first, it’s Thursday, so let’s take a look at what people were watching this week… 👀

MOST STREAMED THIS WEEK

Netflix’s Big Moves
🔥How the Streamer Made the Most of a Tumultuous Summer🤔

Netflix is absolutely on fire right now. Despite the rollercoaster of strikes and industry challenges we’ve seen this year, the streaming giant has reached some stellar heights:

• A whopping 8.76M subscribers jumped on board this summer, skyrocketing their total number to 247.15M.

• Financially, they’ve outpaced Wall Street’s forecasts, clocking in revenue at $8.54B for the quarter ending Sept. 30th.

• Their Earnings Per Share? A cool $3.73, which nudged past the analyst-anticipated $3.49.

As we approach the holiday season, Q4 usually spells booming subscriber growth. Netflix forecasts Q4’s expansion to be similar to last quarter’s.

So how, during a summer of so much turmoil in Hollywood, was the streamer able to do so well? Let’s take a look:

‘Suits’ Magic

A major MVP here is, of course, the legal drama ‘Suits.’ The show not only broke streaming records, but also claimed the throne on the Nielsen streaming charts for 12 consecutive weeks, outdoing ‘Ozark.’ Pretty impressive for a show that initially debuted over a decade ago! Word is that Aaron Korsh, the show’s creator, is piecing together a spin-off for NBCUniversal—a highlight in Netflix’s Q3 financial statements.

Buoyed by the massive resurgence and success of ‘Suits,’ Netflix is on the hunt for analogous titles to acquire in hopes they might have the same effect.

Password Sharing & Ad-Backed Plans

Netflix’s bold strategies like paid password sharing and ad-supported subscription tiers are proving beneficial. The ad plan subscriptions skyrocketed by 70%, with the more affordable tier being a major hit in available countries. And guess what? The fear of users ditching Netflix due to the crackdown on password sharing? It didn’t happen. 🤷‍♂️

The Strike Situation

Although strikes have put a damper on production and halted talent promotions, they also surprisingly gave Netflix a bit of financial cushion. How? The company saved a lot of money during the strikes.

The streaming behemoth disclosed that it’s raked in a whopping $5B in free cash flow for 2023 so far, leaping from just $1.3B during the same stretch in 2022. This year, they’re eyeing a free cash projection of $6.5B. To put that in perspective, they pocketed $1.6B total last year.

In spite of the silver lining in the short term, the strikes may lead to some cash flow hiccups for Netflix later this year and next, given the uncertainties around when and how the ongoing SAG strike will be settled.

Price Hikes

With the good comes the not-so-good: Netflix is bumping up prices. While the Basic with Ads and Standard packages in the U.S. remain untouched, others are bracing for a hike. But remember, this isn’t just a Netflix thing. The streaming industry in general has been feeling the price-hike itch.

Skydance Animation Finds New Home on Netflix 🎬🌟 David Ellison's Skydance Animation is switching things up! They're leaving Apple Studios and making Netflix their new animation HQ. All their animated films, including ones they've already planned, will now be exclusively on Netflix. On the horizon, we've got ‘Spellbound’ slated for 2024, featuring Rachel Zegler and Tituss Burgess, followed by ‘Pookoo’ in 2025. While the animation partnership between Apple and Skydance has evolved, the companies will still collaborate on live-action projects. This move is kinda unexpected but also makes sense, given both companies have worked with Skydance in the past. And with Netflix's recent animation accolades, Skydance's move seems like a brilliant play in the movie chess game.

LA Filming in Freefall Amid Ongoing Strikes 🎥📉 On-location shoot days took a big hit in Q3, dropping by 41.4% compared to last year – marking the seventh straight quarterly dip, as shared by FilmLA. The main culprits? The recent WGA strike (which ended) and the continuing SAG strike. Scripted TV series suffered big-time, especially dramas and comedies which basically hit the brakes with nearly a total stop in May. On the movie side, film days shrunk by 54.6%, with mostly smaller indie flicks taking the stage. Amid all this, commercials also faced a decline. Let's hope LA's film and TV world finds its groove again soon!

SAG-AFTRA and Video Game Talks Rev Up Again 🎮🎭 After a three-week break, SAG-AFTRA is gearing up for another round of negotiations with the video game industry. They're working on finalizing a new Interactive Media Agreement, but the exact dates are still under wraps. Remember last month when the union's 160,000 members voted in favor of potentially striking against ten big video game companies? Well, that's still on the table. Many of the issues they're discussing mirror those from the film and TV strike, like pay and the impact of artificial intelligence. The union's exec, Duncan Crabtree-Ireland, recently spoke at New York Comic Con about the need to protect voice actors from the AI threat. The ten companies in the spotlight? Big names like Activision, Electronic Arts, and WB Games. Let's hope they level up to an agreement! 🤞🎬

Development 🗒️

• New Regency has postponed 'The Bikeriders,' starring Austin Butler, Jodie Comer, and Tom Hardy. (more)

• The Daily Wire is producing a live-action ‘Snow White and the Evil Queen’ film featuring conservative YouTuber Brett Cooper, set to release in 2024. (more)

• Oscar Isaac, Jason Momoa, and Gerard Butler are headlining Julian Schnabel's crime thriller ‘In the Hand of Dante,’ with Martin Scorsese executive producing. (more)

• The BBC has decided to cancel ‘Doctors,’ a series running for 23 years. (more)

• Roku has renewed ‘Reptile Royalty,’ ‘UFO Cowboys,’ and ‘Lincoln Log Masters’ for second seasons. (more)

• Sam Rockwell and Kumail Nanjiani are set to star in a dark comedy by Gary Fleder. (more)

• Barry Levinson is directing ‘Assassination’ with Al Pacino, exploring JFK's assassination from the Chicago mob's view. (more)

• Christian Bale, Florence Pugh, Robert Pattinson, and Mark Hamill headline the English voice cast for Hayao Miyazaki's upcoming film, ‘The Boy and the Heron.’ (more)

• The 96th Oscars appointed Raj Kapoor as showrunner, Katy Mullan as executive producer, and Hamish Hamilton as director. (more)

Releases 📅

• The Paramount+ reboot of ‘Frasier’ attracted an average of 2.23 million viewers for its first two episodes' premiere on CBS. (more)

• Disney's ‘Goosebumps’ reboot debuted with 4.2 million views on Disney+ and Hulu in just three days. (more)

• 'Saturday Night Live's' Season 49 premiere on NBC saw a 19% jump in viewership, with 4.8M tuning in, marking its best demo performance since 2020. (more)

• The 'Beckham' documentary on Netflix became the highest-rated TV premiere in the UK since 'Harry & Meghan' in 2022. (more)

Business 🤝

• Netflix Co-CEO Ted Sarandos anticipates streaming data will soon be as transparent as metrics like box office and TV ratings. (more)

• NBCUniversal anticipates the 2024 Paris Olympic Games' ad revenue will surpass the 2020 Tokyo Games. (more)

• NBC Sports Next introduces SportsEngine Play, a streaming platform dedicated to youth and amateur sports. (more)

• Showtime Sports will end after the Paramount+ merger, with CBS Sports expected to take over future sports content. (more)

• Netflix plans to adjust CEO compensation to a ‘more conventional model’ in 2024 after shareholder criticism over high executive pay. (more)

Strike News 🪧

• Paramount CEO Bob Bakish, at MIPCOM Cannes, expressed optimism about a near-term resolution between SAG-AFTRA and studios. (more)

Other News 🚨

• Sundance tickets went on sale yesterday 👉 here. 👈

• Alec Baldwin might face new involuntary manslaughter charges related to the 2021 ‘Rust’ set incident, as prosecutors suggest additional evidence has emerged. (more)

• The 2023 American Cinematheque Awards, honoring Helen Mirren among others, have been postponed due to the SAG-AFTRA strike. (more)

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What to watch this weekend? 👀

THEATRICAL 🎥

• Killers of the Flower Moon: Martin Scorsese’s new, highly-anticipated feature starring Leonardo DiCaprio.

• Nyad: The remarkable true story of athlete Diana Nyad, starring Jodie Foster and Annette Bening.

STREAMING 📺

• Old Dads: (Netflix) Netflix’s new comedy starring Bill Burr, Bobby Cannavale, and Bokeem Woodbine.

• The Pigeon Tunnel: (Apple TV+) Follows the life and career of David Cornwell, the former spy known to the literary world as John le Carré.

• Vjeran Tomic: The Spider-Man of Paris: (Netflix) Documentary on the burglar behind the biggest art heist in French history.