![]() It had $23 billion in “content obligations” at the end of last year, $4 billion more than in 2020. Happily for actors and their entourages, the company is still investing massively in new shows and movies. The company is laying off staff and cracking down on password-sharing. Netflix subscriptions are falling, and its shares have lost more than 70% of their value this year. Netflix, along with Amazon, Apple, Facebook and Google, form what Wall Street calls the FAANG stocks, an unstoppable quintet with large, scalable businesses and, it was thought heading into this year, defensible moats to keep competitors away.Īll that feels like a long time ago. About 185,000 New Yorkers work in film and television, which keeps the city’s studios and soundstages busy, including the one in Brooklyn that Netflix opened last year. Thanks to that not-so-little Hollywood boondoggle, in 2019 a record 80 TV shows and 300 feature films were shot in New York, including In the Heights, West Side Story and Orange Is the New Black, according to a report last year by the Mayor’s Office of Media and Entertainment. It helps defray the cost of set builders, camera crews and other behind-the-scenes workers. ![]() The credit was later expanded to $420 million per year. And although the show takes place in New York, it wasn’t shot here, and that was a reason the state created a $25 million tax credit in 2004 to stoke film and TV production. First, nearly every miscommunication between Jerry, Elaine and the rest could have been solved with cellphones, which almost nobody had in the mid-1990s. Watching Seinfeld on Netflix reminds me of two things.
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