Actor Seth Rogen stood his ground against Apple Inc. AAPL executives, insisting on a surprising Netflix Inc. NFLX cameo in his Apple TV+ comedy series despite the company’s push for its own CEO.
What Happened: Rogen’s The Studio is packed with celebrity cameos, but one guest star raised eyebrows even inside Apple’s own boardrooms. Netflix co-CEO Ted Sarandos appears as himself in episode eight of the series, which aired on Wednesday, reported Business Insider.
“They asked if we could use Tim Cook instead, and we said no,” Rogen told the publication at the red carpet premiere of The Studio during the SXSW Film & TV Festival in March.
Why It’s Important: Rogen’s decision to feature Sarandos, a top executive at Apple’s biggest streaming rival, speaks volumes about the current streaming landscape.
While Netflix has soared past 300 million subscribers and turned a once money-losing operation into a profitable empire, Apple TV+ remains a costly experiment, the report said.
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Reports suggest Apple is losing over $1 billion per year on the streaming service, with an estimated 45 million subscribers — a fraction of Netflix’s audience.
Netflix reported first-quarter revenue of $10.54 billion, marking a 12.5% increase compared to the same period last year. The figure came in slightly above the Street consensus estimate of $10.52 billion.
Apple, on the other hand, posted fiscal second-quarter revenue of $95.36 billion, surpassing analyst expectations of $94.53 billion.
Price Action: According to Benzinga Pro, Apple shares have declined 19.01% year-to-date, while Netflix shares have gained 29.06% over the same period.
Benzinga Edge Stock Rankings gives Netflix a strong growth score of 70.01%, underscoring its robust market momentum. Click here to see how it compares to Apple and other leading stocks.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
