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NewsBreak: Netflix Sinks, CEO Says Upcoming Competition Will Be Tough

Investing.com

Investing.com - The streaming wars are headed to a screen near you and Netflix (NASDAQ:NFLX) CEO Reed Hastings just admitted it could be tough for his company.

“It’ll be tough competition,” Hastings told Variety in an interview on Friday. “Direct-to-consumer (customers) will have a lot of choice.”

A flurry of streaming services are expected in November, including Apple’s TV+, Disney + and NBCUniversal’s Peacock streaming service, not to mention already existing platforms Hulu and Amazon's (NASDAQ:AMZN) Prime Video. Shares of Netflix (NASDAQ:NFLX) were down 4.7% in midday trade.

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