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Netflix beats Comcast in market value as streaming video explodes

Illustration: Rebecca Zisser/Axios

Netflix has surpassed Comcast in market value after decades of tailing the telecom giant.

Why it matters: Netflix's rise speaks to the power of on-demand video, which is its core product. Comcast's core product is Pay-TV subscriptions for live, commercial-driven programming. Data shows that the modern consumer is abandoning commercials and live TV.

Netflix's market capitalization rose to roughly $149 billion, surpassing Comcast's market value of $147 billion Wednesday. Shares for the streaming company have been on the up since it announced a multi-year production deal with Barack and Michelle Obama.

Between the lines: As Comcast's Pay-TV business wanes (it lost 95,000 sable customers in Q1 alone,) it's looking to invest in new revenue streams to offset the loss.

  • Comcast's' biggest opportunity is in content, as it already owns entertainment giant NBCUniversal, and could use an expand content library to better compete with Netflix for eyeballs and revenue.
  • The company announced Wednesday morning that it's preparing an all-cash bid for 21st Century Fox's entertainment assets, in an effort to potentially build an on-demand entertainment business that could compete with Netflix.

Go deeper

Jonathan Swan
3 hours ago - Politics & Policy

Trump pressures Barr to release so-called Durham report

Bill Barr. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump and his allies are piling extreme pressure on Attorney General Bill Barr to release a report that Trump believes could hurt perceived Obama-era enemies — and view Barr's designation of John Durham as special counsel as a stall tactic, sources familiar with the conversations tell Axios.

Why it matters: Speculation over Barr's fate grew on Tuesday, with just 49 days remaining in Trump's presidency, after Barr gave an interview to the Associated Press in which he said the Justice Department has not uncovered evidence of widespread fraud that could change the election's outcome.

Go deeper (1 min. read)Arrow
Jonathan Swan, Rebecca Falconer
3 hours ago - Health

CDC to cut guidance on quarantine period for coronavirus exposure

A health care worker oversees cars as people arrive to get tested for coronavirus at a testing site in Arlington, Virginia, on Tuesday. Photo: Olivier Douliery/AFP via Getty Images

The CDC will soon shorten its guidance for quarantine periods following exposure to COVID-19, AP reported Tuesday and Axios can confirm.

Why it matters: Quarantine helps prevent the spread of the coronavirus, which can occur before a person knows they're sick or if they're infected without feeling any symptoms. The current recommended period to stay home if exposed to the virus is 14 days. The CDC plans to amend this to 10 days or seven with a negative test, an official told Axios.

  • The CDC did not immediately respond to a request for comment.
Shawna Chen
4 hours ago - Health

CDC panel: COVID vaccines should go to health workers, long-term care residents first

Hospital staff work in the COVID-19 intensive care unit in Houston. Photo: Go Nakamura via Getty

Health-care workers and nursing home residents should be at the front of the line to get coronavirus vaccines in the United States once they’re cleared and available for public use, an independent CDC panel recommended in a 13-1 emergency vote on Tuesday, per CNBC.

Why it matters: Recent developments in COVID-19 vaccines have accelerated the timeline for distribution as vaccines developed by Pfizer and Moderna undergo the federal approval process. States are preparing to begin distributing as soon as two weeks from now.

Go deeper (1 min. read)Arrow