MTN paid its group CEO Ralph Mupita R84.2 million in the 2021 financial year as the company recorded an improved financial performance, statements in the company's annual report show.

Sibanye-Stillwater CEO Neal Froneman was awarded an astounding R300 million in 2021, the company's annual report shows.

Twitter kicked off deal negotiations with Elon Musk on Sunday after he wooed many of the social media company's shareholders with financing details on his $43 billion acquisition offer, people familiar with the matter said.

Italian ministers headed to central Africa Wednesday in an urgent quest for new energy deals as Italy scrambles to break away from Russian gas over the Ukraine war.

South African Breweries (SAB) owner AB InBev is selling its stake in its joint venture with Turkish beer maker Anadolu Efes in Russia, as that country’s invasion of Ukraine continues.

Morgan Stanley increased its third- and fourth-quarter price forecasts for global benchmark Brent crude by $10 a barrel due to a greater-than-expected supply deficit driven by Russia and Iran.

The global travel and tourism sectors are projected to return to pre-pandemic levels in 2023 and grow at a rate that will outpace global gross domestic product (GDP) growth, the World Travel and Tourism Council (WTTC) said on Thursday.

Barclays has sold a 7.4% stake in former African unit Absa for 526 million pounds (R10.5 billion), cutting its holding by half.

Diamond miner De Beers has signed two mineral investment contracts with the Angolan government, the Anglo American subsidiary said on Wednesday, in a return to the southern African country it left in 2012.

Netflix said inflation, the war in Ukraine and fierce competition contributed to a loss of subscribers for the first time in more than a decade and predicted deeper losses ahead, marking an abrupt shift in fortune for a streaming company that thrived during the pandemic.

The company said it lost 200 000 subscribers in its first quarter, falling well short of its forecast of adding 2.5 million subscribers. Suspending service in Russia after the Ukraine invasion took a toll, resulting in the loss of 700,000 members.

Wall Street sent Netflix's stock tumbling 26% after the bell on Tuesday and erased about US$40 billion of its stock market value. Since it warned in January of weak subscriber growth, the company has lost nearly half of its value.

 

The lagging subscriber growth is prompting Netflix to contemplate offering a lower-priced version of the service with advertising, citing the success of similar offerings from rivals HBO Max and Disney+.

"Those who have followed Netflix know that I've been against the complexity of advertising, and a big fan of the simplicity of subscription," said Netflix CEO Reed Hastings. "But, as much as I'm a fan of that, I'm a bigger fan of consumer choice."

Netflix offered a gloomy prediction for the spring quarter, forecasting it would lose 2 million subscribers, despite the return of such hotly anticipated series as "Stranger Things" and "Ozark" and the debut of the film "The Grey Man," starring Chris Evans and Ryan Gosling. Wall Street targeted 227 million for the second quarter, according to Refinitiv data.

 

Confluence of event

Netflix's first-quarter revenue grew 10% to $7.87 billion, slightly below Wall Street's forecasts. 

While the company remains bullish on the future of streaming, it blamed its slowing growth on a number of factors, such as the rate at which consumers adopt on-demand services, a growing number of competitors and a sluggish economy.

Account-sharing is a longstanding practice, though Netflix is exploring ways to derive revenue from the 100 million households watching Netflix through shared accounts, including 30 million in the United States and Canada.

This confluence of factors resulted in Netflix reporting losing customers for the first time since October 2011, catching Wall Street by surprise.

"They suffered from a combination of approaching saturation, inflation, higher pricing, the war in Ukraine and competition," said Wedbush analyst Michael Pachter. "I don’t think any of us expected that all to happen at once."

The world's dominant streaming service was expected to report slowing growth, amid intense competition from established rivals like Amazon.com, traditional media companies such as the Walt Disney and the newly formed Warner Bros Discovery and cash-flush newcomers like Apple Inc.

Streaming services spent US$50 billion on new content last year, in a bid to attract or retain subscribers, according to researcher Ampere Analysis. That's a 50% increase from 2019, when many of the newer streaming services launched, signaling the quick escalation of the so-called "streaming wars."

Netflix noted that despite the intensifying competition, its share of TV viewing in the United States has held steady according to Nielsen, a mark of subscriber satisfaction and retention.

As growth slows in mature markets like the United States, Netflix is increasingly focused on other parts of the world and investing in local-language content.

Streaming services are not the only form of entertainment vying for consumers' time. The latest Digital Media Trends survey from Deloitte, released in late March, revealed that Generation Z, those consumers ages 14 to 25, spend more time playing games than watching movies or television series at home, or even listening to music.

The majority of Gen Z and Millennial consumers polled said they spend more time watching user-created videos like those on TikTok and YouTube than watching films or shows on a streaming service.

One market observer said Netflix's stock has benefited from expectations of perpetual growth.-fin24

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