These Media Stocks Have Fallen More than 50% This Year
Shares in Netflix, Spotify and Meta are plummeting as Wall Street frets about the future of media.
“Is anything good happening?,” analyst Rich Greenfield asked Friday afternoon. “Advertising is falling apart. The cable bundle is falling apart. Streaming has slowed. Name a good business right now.”
It’s a challenging time for most Wall Street experts, especially those like Greenfield, a savvy analyst who has been confident in his view of the future. The co-founder of LightShed Partners is a vocal champion of companies like Netflix, Snap and Spotify, and a critic of traditional media firms resisting the transition to the internet.