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| Good morning, Daily Money readers. It's Jayme Deerwester back with you on this Wednesday. |
| So it turns out that not everyone is watching Netflix. |
| The world's largest streamer lost 970,000 subscribers in the three months ending June 30, the company announced Tuesday in its second quarter earnings report, ahead of its dire prediction in April of losing two million. |
| So what is happening at Netflix? And more importantly, will it change what you get to watch when you chill on a Saturday night? |
| The subscriber loss "seems to be due to increased competition from other streaming services, adverse global economic circumstances," explains Ferran G. Vilaró, CEO of streaming video analytics company NPAW. |
| "The scale of such ambition is impressive, but it turns out it's unsustainable," says Tom Nunan, a former network and studio president who now teaches at UCLA. He cites the easing of pandemic restrictions as one of the reasons some might ditch the 'flix. "Consumers are looking closely at their streaming bills and asking, 'Do I really need all of this content, and more importantly, can I afford it?'" |
| Among the tactics Netflix is employing to arrest its fall: |
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More stories you shouldn't miss |
| Apple slows hiring, spending: Company braces for a possible economic recession. |
| 16 best photo spots at Walt Disney World: Can you hit them all on your next visit? |
| FBI raids wheel factory: Chinese subsidiary produced wheels for Ford, GM. |
| What is tonic water? We explain the Fizzy drink's ingredients and side effects. |
Are annuities safe in a recession? Sales are surging. Here's what to know. |
| If the recent market swoon has made you nervous about your retirement funds, an annuity may help calm your nerves and protect you against giant swings in the market if used right, some financial advisors say. |
| That's likely why annuities sales are soaring. Second-quarter sales are projected to top $74 billion, setting a record, according to life-insurance-industry-funded research firm LIMRA. That would be more than $5 billion above the previous record set during the financial crisis in the fourth quarter of 2008. |
| Annuities are contracts with insurance companies to pay you regularly, starting right away (immediate) or in the future (deferred). You can buy an annuity for as little as $10,000 in a lump sum or regular periodic payments called premiums. |
| A guaranteed lifetime income benefit option also "can be great if you're worried you might outlive your savings as they can provide guaranteed income for the rest of your life, whether you live to be 100 or even 120," Adam Politzer, Athene senior vice president of Product Actuary, says. |
🎧 Mood music 🎧 |
| This week's sign that I'm old came Sunday when I was vacuuming to SiriusXM's 1st Wave. Turns out this year marks the 50th anniversary of Roxy Music's first album. And because we've reached the end of the newsletter, I've picked "End of the Line," one of my favorite tracks (and because there's much more to the band than " More Than This"). |
| "If you ever miss me – if I should cross your mind – you know where to find me. I'll be waiting at the end of the line." |
About The Daily Money |
| Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. It even comes with its own Spotify playlist . It features nearly every song quoted here. |
| Follow Jayme Deerwester on Twitter – or Instagram, if you prefer puppy pictures. (Why? Because everybody loves puppies!) |
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