The Obamas and Chill?
- In 2018 Netflix is investing up to $8 billion into content
- Netflix has 125 million subscribers in 190 countries
Former President Barack Obama and his first lady Michelle Obama are taking their talents to Netflix (NFLX +0.57%). The duo just inked a multi-year storytelling contract with the streaming service to produce series and films under their company Higher Ground Productions.
Why This Matters: Diversity and the importance of its portrayal on television has remained an issue in media. For Netflix they have been burning the midnight oil in recent years to cater to this need.
Just last year the company inked a multi-year content deal with award-winning showrunner Shonda Rhimes for reportedly $100 million. Actors Tiffany Haddish, Spike Lee, and director Ava DuVernay are among the black people who have worked with Netflix. It’s also rumored that ABC’s “Black-ish” creator Kenya Barris might join the team.
Notably all of these creators are black and have developed black-related content. The influx of successful black creators comes at a time when shows with a black cast or lead appeal to diverse audiences. Research company Nielsen noted shows such as HBO’s “Insecure” have a 61.5% non-African American viewership. Similarly, ABC’s “How to Get Away With Murder” and NBC’s “This Is Us” are even more popular with non-African American viewers as well.
Situational Awareness: Netflix is growing exponentially as consumers continue to cut off their cable. It surpassed Disney’s (DIS +.09%) as the largest media company this week, with a market capitalization of $164.1 billion. Netflix has 125 million subscribers in 190 countries and it’s also investing up to $8 billion in original content this year.
CBx Vibe: “Icon” Jaden Smith & Nicky Jam