May 23, 2018 - Technology

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.

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Jacob Knutson
29 mins ago - Politics & Policy

Trump says he expects to announce a Supreme Court nominee "next week"

President Trump speaking prior to his departure from the White House on Sept. 19. Photo: Sarah Silbiger/Getty Images

President Trump said Saturday he expects to announce a nominee for Justice Ruth Bader Ginsburg's vacant Supreme Court seat “next week” and that the person will “most likely" be a woman.

What he's saying: "If somebody were to ask me now, I would say that a woman would be in first place, yes. The choice of a woman, I would say, would certainly be appropriate," the president told pool reporters.

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Jacob Knutson, Alayna Treene
2 hours ago - Politics & Policy

Susan Collins says Senate should postpone Supreme Court vote

Sen. Susan Collins. Photo: Tom Williams/Getty Images

Sen. Susan Collins (R-Maine) said in a statement Saturday she believes whoever is elected in the 2020 presidential race should pick the nominee to fill Justice Ruth Bader Ginsburg's Supreme Court seat.

Why it matters: Collins will be key in how the nomination process plays out. As one of the most centrist Senate Republicans, whether or not the Senate confirms Trump's SCOTUS nominee could hinge on her vote.

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Axios
Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:15 p.m. ET: 30,602,281 — Total deaths: 953,591— Total recoveries: 20,833,568 — Map.
  2. U.S.: Total confirmed cases as of 4:15 p.m. ET: 6,751,119 — Total deaths: 198,969 — Total recoveries: 2,556,465 — Total tests: 93,150,052 — Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: The dwindling chances of eliminating COVID-19.
  5. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.
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