Alfonso Cuarón’s masterpiece Roma won three awards at the 2019 Oscars but it ended up dividing Hollywood after noted filmmaker Steven Spielberg’s outburst that Netflix movies should only compete with TV releases at the Emmys and not with movies at the Oscars. But then the video-streaming service has always pushed the envelope — be it in the way it uses technology or creates cutting-edge content that’s close to a cinematic experience. Spielberg’s rant is proof of Netflix’s growing clout in the entertainment business. Despite establishing supremacy in video streaming, Reed Hastings, the 58-year-old founder of Netflix is going all out to create original blockbuster content. It has a target to meet — of bagging more than 500 million subscribers across the world to keep up with investor expectations that has driven the Netflix stock to trade at higher multiples of 130x. It is one of the favoured tech stocks alongside Facebook, Amazon, and Google.
The Rise of The OTTs
The video streaming market is likely to explode to $5 billion by 2023. Sit up and watch
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