Elon Musk, Mark Zuckerberg, and Tim Cook are among the big names that are anticipated in Sun Valley 2022 on June 6.
Since the billionaires will talk about future streaming services at this year's conference, many expect Netflix's acquisition by any of the attendees.
Media Giants Will Discuss Prominent Topics in this Year's Summer Camp for Billionaires
The Sun Valley 2022 conference, dubbed 'summer camp for billionaires,' will begin on Wednesday (June 6) in the resort town of Sun Valley, Idaho, and invitees include Apple CEO Tim Cook. Last year's event was attended by Cook and Eddy Cue, the CEO of Apple Services.
Cook has frequently joined Apple's services president Eddy Cue at the retreat over the years, but it is not yet known if Cook will go this year. Although Apple has always kept its discussions under wraps, the conference gives the firm a chance to sign media deals for services like Apple TV+.
According to the source, Elon Musk, Mark Zuckerberg, Andy Jassy, and Sundar Pichai of Alphabet are among the other tech CEOs who were invited this year, 2022.
Shari Redstone, the majority shareholder and non-executive chair of Paramount, will return. Although invited, CEO Bob Bakish is unable to attend.
Lachlan Murdoch, CEO of Fox, and John Nallen, COO, are confirmed. Both Jim Ryan, president of PlayStation, and Ken Yoshida, CEO of Sony Group Corp., are. Likewise, Mike Fries and Casey Wasserman.
The conference became an annual post-July 4 custom for media moguls to go whitewater rafting and discuss trade. It was put on hold in 2020 during the worst of Covid but reappeared last year in a scaled-back, masked, and vaccinated form soon after two significant agreements - the Warner Media/Discovery merger and Amazon's proposed acquisition of MGM - were disclosed.
With an extensive media industry contingent expected, the future of streaming video is expected to be a prominent topic of discussion. Some have even suggested that Netflix may be an acquisition target for at least one of the firms in attendance.
Sun Valley 2022: Netflix Eyed to be Subject of Accession After its Stock Fall
The year since Allen & Co. 2021 has significantly changed things for invitees Ted Sarandos and Reed Hastings, the co-CEOs of Netflix. The streaming service and production company announced it lost subscribers for the first time last quarter, indicating it would lose more in the just-finished June quarter. It has also abruptly revealed plans to introduce an ad-supported service even as it laid off personnel, and its stock fell by 70% from the year's beginning. Because of this unexpected transition, Netflix is increasingly becoming a target for acquisition.
Reed Hastings, co-founder, and CEO of Netflix, writes in the preface to Hamilton Helmer's '7 Powers: The Foundations of Business Strategy,' which was released in 2016, about what happens when market leaders don't adapt to new competitive dynamics.
After six years, Hastings finds himself in the position of an incumbent who has, for the time being, suffered a dramatic fall from favor.
As investors questioned the scale of the total addressable streaming market, which Netflix has previously stated might be as high as 800 million, they dumped their holdings in large numbers. Netflix has over 222 million customers worldwide, as per the most recent figure.
One funder anticipated the demise of a Netflix that was autonomous. Although it is still a highly useful platform, the growth narrative has ended.
Investors' concerns about the economics of the high cost, nevertheless little return industry have spilled over to shares of other streamers due to the Netflix impact. Meanwhile, stalled demand, the conflict between Russia and Ukraine, and persistent Covid-related supply chain problems have led to very high prices. Recession is a worry that has affected advertising and may spread to other entertainment industries if the Federal Reserve raises interest rates in tandem.
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