'Extreme Netflix bull' Tom Rogers explains why he is starting to worry about the streaming giant

Netflix's Performance & Concerns - Netflix's stock experienced a drop of 35% today and is down almost 7% since reporting earnings last Thursday [1] - Netflix's earnings were satisfactory, meeting expectations [3][4] - Engagement, measured by viewing time, is crucial for Netflix's growth, influencing price increases and programming budgets [4] - There are concerns about Netflix's viewing engagement levels, particularly its share relative to YouTube [4][5] - Netflix's share of total TV time is approximately 8%, while YouTube's is 125% [4] - Netflix's share of streaming viewing versus linear television has remained stable at 6% [5] - Netflix's shows used to represent 80% of the top 10 streaming shows, but now only account for about 50% [7] - Viewing per viewer has decreased despite the growth of Netflix's subscriber base [8] AI's Impact - AI is expected to be a double-edged sword for Netflix, benefiting targeted advertising in the near term [10] - AI production tools may reduce programming costs in the future [11] - AI could empower YouTube creators to produce professional-looking content, potentially increasing YouTube's viewership [12]