Analyst: Netflix Price Hike to Negatively Affect Sub Growth

Following Netflix’s announcement that it was raising subscription prices, the company’s stock increased in value as Wall Street applauded the service’s first price hike since 2017.

Wedbush Securities’ digital media analyst Michael Pachter has a different perspective. The long-time Netflix bear contends the price hike will negatively impact the SVOD pioneer’s mature domestic subscriber base of around 60 million.

Pachter argues that Netflix has saturated households above the medium income. Any new subs will come from households below the medium income – and likely more price sensitive.

“The latest price increase may slow domestic subscriber growth dramatically this year,” Pachter wrote in a Jan. 16 note. “We do not expect significant churn given the utility provided by the service to existing subscribers but attracting new subscribers will likely be more challenging because of the higher prices.”

The analyst says the price hike will have the biggest impact on Netflix’s $12.99 standard plan affording subscribers to two HD video streams. By comparison, Amazon Prime Video costs $10 monthly when paid annually; and Hulu costs $11.99 for ad-free service.

Regardless, Wedbush contends the additional monthly revenue will never see the bottom line.

“We do not expect a meaningful impact on profitability from the pricing increases, with the extra cash likely used to fund Netflix’s ballooning content budget,” wrote Pachter.

Netflix reports Q4 results at the close of the market on Jan. 17.

 

 

Saudi Group Hires Ex-Hulu Executive to Jumpstart SVOD Service

The MBC Group, which claims to be largest media company in the Middle East, has hired Johannes Larcher, former SVP of international operations at Hulu, to upgrade its Shahid streaming video service.

MBC, like most major companies in Saudi Arabia, is majority-owned by the government, headed by Crown Prince Mohammed bin Salman.

The appointment comes about a week after Netflix reportedly agreed to remove an episode of original series,“Patriot Act with Hasan Minhaj,” featuring the American stand-up comic and political commentator from Davis, Calif.

The episode was critical of Bin Salman and his alleged ties in the murder of Washington Post columnist Jamal Khashoggi – allegations the Saudi royal family deny.

Regardless, an MBC representative told CNBC that Larcher’s hiring is part of a five-year company strategy to inject original and local Arab-language content into Shahid.

“We believe that the long-established relationship of MBC with Arab consumers will enable us to produce even more culturally relevant content that could travel beyond the region,” said the rep.

 

 

 

 

CES: Speakers Discuss the Growing Pains and Promise of Direct-to-Consumer Entertainment

LAS VEGAS — Speakers discussed the variety and expansion of online services, as well as strategies to cut through the content clutter and engage the online entertainment consumer during the panel “Into the Zeitgeist — The Direct-to-Consumer Entertainment Economy” at CES Jan. 9.

The panel took place at the Variety Entertainment Summit during the Las Vegas show.

The advent of pending services from the Walt Disney Co., WarnerMedia and Apple “certainly makes our lives more interesting,” said Hulu’s Kelly Campbell, adding the question is if they can scale quickly.

Farhad Massoudi, of the AVOD service Tubi, said there was a limit to what average consumers will spend on subscription services and that it was “ludicrous” that average income folks would subscribe to a growing smattering of subscription video-on-demand services. That’s where ad-supported platforms such as Tubi, which sports a movie and TV library much bigger than Netflix, come in, he said.

“Most SVOD services are going to struggle,” he said.

FandangoNow’s Cameron Douglas doesn’t consider these services competitors to the company’s transactional VOD business.

“We’re really agnostic as to what people are consuming and where,” he said.

In fact, they successfully distribute Amazon’s “The Handmaid’s Tale” and would love to have a transactional offering of Netflix’s hit Bird Box.

“We do hope all of the studios, Netflix included, allow us to monetize those products,” he said. “There’s no reason that movie content that starts in the digital space can’t find a home on transactional.”

Whatever the distribution model, engaging the consumer is key, panelists said.

“We always want to super serve the super fans,” said Discovery Networks’ Peter Faricy. Discovery along with the PGA Tour created the Golf TV brand, which underpins a new live and on-demand international video streaming service specifically for golf fans.

Another way to attract consumers is by offering products that serve their needs.

“Consumers want choice, flexibility and control,” Hulu’s Campbell said. To that end, Hulu offers the choice of live, ad-supported and ad-free subscription options.

FandangoNow’s Douglas said the VOD service leverage’s its relationship with online movie ticketing platform Fandango by “taking 60 million Fandango uniques every month” and touting availability of transactional digital movie and TV offerings for home viewing.

“The [transactional] space is growing about 10% each year, and we are tripling that growth,” he said.

The service also attracts consumers with superior content quality, such as 4K UHD titles and — through a deal just announced — Imax content.

YouTube’s Neil Mohan said the online behemoth, which adds 400 hours of content a minute every single day, serves its viewers with recommendations that cater to them.

“The recommendations that we give to you should really speak to you,” he said.

Tubi, too, uses recommendation algorithms to serve its audience, Massoudi said.

The content itself should also engage consumers, said Conde Nast Entertainment’s Oren Katzeff. His company, which he said has some of the most binged shows on Netflix, creates content in a way that makes viewers want to watch more episodes.

He said engaging consumers also requires looking at data to see not just what they want, but when they want it and how they want it.

Ideally, content should build a relationship with consumers.

“From a creation standpoint, how do you create content that people not only want to watch [but to comment on and engage with further],” he said.

Hulu Tops 25 Million Subs

Hulu on Jan. 8 announced it added 8 million subscribers in 2018 to bring its year-end total to 25 million subscribers across its subscription on demand (SVOD) and live TV plans in the United States.

That’s a  47% year-over-year increase in subscribers for Hulu, although the subscription streamer did not break out how many subscribers only use its SVOD service.

“Consumers have spoken loudly about their desire for more choice and control in their TV experience. They are seeing the enormous benefits of streaming, they’re deciding which content and brands are most important to them, and they’re choosing Hulu,” Hulu CEO Randy Freer said in a statement.

Hulu said one of the more notable viewing trends it saw in 2018 was that consumers place a great deal of value on having a comprehensive, flexible viewing experience. Viewers who subscribe to Hulu + Live TV spend 50%  of their time watching on-demand or recorded programming. Accordingly, Hulu invested significantly in securing exclusive content and enhancing its streaming technology to support a superior experience across its live and on-demand plans.

Also in 2018, Hulu expanded its on-demand library to more than 85,000 episodes in 2018, adding more current series to its roster including “The Good Doctor,” “Killing Eve,” “The Orville,” “Superstore” and “Grown-ish.”

Hulu announced it grew its advertising revenue more than 45% to nearly $1.5 billion – the most in the Hulu’s history – and increased its advertiser base by 50%.

The median age of a Hulu viewer is 32 – nearly 25 years younger than the average broadcast TV viewer (56) – and the average annual household income of a Hulu viewer rose to $93,000 in 2018, according to the company.

Binge viewing is prevalent on Hulu. Looking at the top 100 shows on Hulu, over half of all viewing sessions consist of three or more episodes of the same series, the company announced.

Following its two Golden Globe wins for Season 1, Hulu’s hit drama “The Handmaid’s Tale” returned in Season 2 with a 76% gain in total consumption compared to Season 1.

“Castle Rock” was Hulu’s highest performing new original of 2018 and was the second-highest performing Hulu Original this year, behind “The Handmaid’s Tale.”

CTA: Consumer Spending on Video/Music Streaming Services to Increase 25% to $26 Billion in 2019

Domestic consumer spending on video and music streaming services is projected to increase 25% to $26 billion in 2019, according to new data from the Consumer Technology Association.

On-demand music services (e.g., Spotify, Pandora or Apple Music) will bring in an expected $7.7 billion in revenue, up 22% as providers race to gain subscribers.

Spearheaded by artificial intelligence (AI) technology being incorporated in myriad consumer electronics devices, consumer spending on smartphones, smart home devices, smart speakers and subscription streaming entertainment will drive the domestic consumer technology industry to a record-breaking $398 billion in retail revenue in 2019 – up 3.9% from 2018, according to the CTA.

“Our latest research shows innovations in AI and faster connectivity are among the key drivers for the industry’s record growth,” CEO Gary Shapiro said in a statement.

Voice-controlled smart speakers, including Amazon Echo and Google Home are projected to sell 36.6 million units (up 5% year-over-year) and earn $3.2 billion in revenue (up 7%). Although adoption is slowing due to rapid voice integration in other devices such as TVs, smart home devices and other audio products, smart speakers remain a category to watch as consumers embrace the benefits of AI in their home.

“The future is bright for many tech products consumers already know and love, as stalwart revenue drivers including smartphones, laptops and televisions continue to innovate,” said Steve Koenig, VP of market research, CTA.

The top three industry revenue drivers continue to be smartphones, laptops and televisions.

After the introduction of pricier, flagship models from major manufacturers, smartphone revenue is expected to reach $80 billion, a 2% increase in 2019. Unit shipments are expected to grow 1% to 170.7 million.

This year marks the launch of the first 5G smartphones on the market. CTA expects 2019 U.S. sales will reach 2.1 million units and cross $1 billion in revenue. By 2022, 76% of all smartphones sold will be 5G-enabled.

In 2019, the U.S. laptop market will sell 51 million units, up 3% over last year, and earn $28.4 billion in revenue (unchanged from 2018). Convertible models and cloud-based laptops remain high-growth areas within computing, as consumers continue to upgrade to the latest operating systems.

Overall, unit sales of total digital displays in 2019 will remain above 42 million units (down 1%) and register $22.6 billion in revenue (up 2%). More than three-quarters of TV shipments will be sets with 40-inch screens or larger.

Future upgrades will be driven by 4K Ultra High-Definition (4K UHD) sets, which now make up more than half of all TV unit sales. 4K UHD will sell 22 million units (14 percent increase) and $16.4 billion in revenue (up 8%). Raising the bar on resolution, inaugural shipments of 8K UHD TVs will reach $545 million in revenue. And budding OLED shipments will reach 1.4 million sets with double digit growth through 2022.

“2019 will mark the introduction of 5G-enabled devices and smartphones and next-gen screen technology such as 8K UHD televisions to the market,” said Koenig. “And constantly-evolving content from streaming services that enhances the experience across ‘the three screens’ – TVs, smartphones, laptops – will help push consumer spending in tech to new levels.”

 

DC Universe’s ‘Titans’ Takes Top Spot on Digital Originals Chart

A new year — and a new U.S. subscription streaming service that snagged the No. 1 spot on the digital chart.

It’s DC Universe, whose series “Titans” was the most in-demand digital original series during the week that ended Dec. 29, the last full week in 2018.

The live-action superhero series — based on the DC Comics team of the same name — generated more than 34 million average daily Demand Expressions to take the No. 1 spot from perennial chart-topper “Stranger Things,” from Netflix, which finished the week at No. 2, with just a few thousand fewer average daily Demand Expressions. “Titans” had spent the two previous weeks at No. 2.

Demand Expressions is a proprietary metric used by Parrot Analytics to measure global demand for TV content. The metric draws from a wide variety of data sources, including video streaming, social media activity, photo sharing, blogging, commenting on fan and critic rating platforms, and downloading and streaming via peer-to-peer protocols and file sharing sites.

Netflix may have ceded the No. 1 spot on the digital originals chart to a newcomer, but there’s a silver lining: The U.S. streaming kingpin holds international distribution rights to “Titans” and will be releasing the show outside the United States on Jan. 11.

“The Chilling Adventures of Sabrina,” also from Netflix, held the No. 3 spot for the second consecutive week, while “Marvel’s Daredevil” and “Narcos” inched back up to No. 4 and No. 5, respectively, from No. 6 and No. 8 the prior week.

Hulu’s superhero title “Marvel’s Runaways” also performed well during the week, jumping to No. 8 from No. 14 with the release of the show’s Season 2 premiere. The show experienced a 33.2% spike in demand, and with 22.8 million average daily Demand Expressions is clearly one of Hulu’s top breakout hits.

Media Play News has teamed with Parrot Analytics to provide readers with a weekly top 10 of the most popular digital original TV series in the United States, based on the firm’s  proprietary metric called Demand Expressions, which measures global demand for TV content through a wide variety of data sources, including video streaming, social media activity, photo sharing, blogging, commenting on fan and critic rating platforms, and downloading and streaming via peer-to-peer protocols and file sharing sites.

 

AT&T Sells Data Center Assets in Further Debt Reduction Bid

AT&T Inc. Jan. 1 completed the sale of its data center colocation operations and assets to Brookfield Infrastructure and its institutional partners.

AT&T received $1.1 billion for the transaction to support the company’s goal of reducing its net debt-to-EBITDA-ratio to the 2.5x range by the end of 2019. AT&T, which owns WarnerMedia, ended 2018 with a debt ratio of 2.8. Wall Street looks for a company to have a debt ratio between 0.3 and 0.6, according to some analysts.

WarnerMedia, which is setting up its own subscription streaming service to compete with Netflix and Disney+, is reportedly interested in selling its 10% stake in Hulu as part of AT&T’s debt reduction initiative. WarnerMedia’s share could be worth about $1 billion.

AT&T expects to generate $1.5 billion in cost savings (corporate overhead, procurement purchasing, marketing, etc.) and another $1 billion in revenue savings (churn reduction, cross-selling products) by 2021, including $700 million in savings by the end of 2019, $2 billion by the end of 2020.

Brookfield has established a company called Evoque Data Center Solutions to own and operate the assets. Customer contracts, employees supporting the colocation operations, fixed assets, leases and specified owned facilities have been transferred to Brookfield.

Evoque joins AT&T’s global colocation ecosystem program offering business customers access to 350+ data centers around the world.

2018: Getting Along in a Multi-Platform World

Back in 1989, a State Department official named Francis Fukuyama wrote a controversial essay on the “end of history,” opining that the collapse of the Soviet Union and Eastern bloc communism, the reform movement in China, and the reunification of Germany signaled a triumph for Western democracy and a very real promise of freedom and liberty for all.

Fukuyama’s vision of a global utopia didn’t last long, but for a brief moment in time cultural and political differences seemed to be set aside in favor of everyone working together to make the world a better place.

Similarly, in 2018 the various factions in home entertainment seemed to set aside their differences and recognize that we’re living in a multi-platform world — and that a peaceful coexistence between disc and digital, subscription and transactional, was, indeed, possible.

“2018 saw the continued integration of technology and content at an even more accelerated pace, and, with that, the opportunity to engage fans with more focused and meaningful experiences that extend the life of our film and television properties,” said Keith Feldman, president of worldwide home entertainment for 20th Century Fox.

Indeed, studios cut back on selling content to Netflix — most notably Disney, which pulled all its movies off the service by the end of the year — in favor of issuing it on their own platforms. They rallied behind Movies Anywhere, a digital movie storage “locker” launched in October 2017, and saw digital movie sales soar, with an 18% gain reported in the third quarter of 2018, according to DEG: The Digital Entertainment Group numbers.

Netflix, meanwhile, vowed to spend $8 billion in 2018 on producing its own shows, with the goal of making its content library 50% original.

Studios that once sued Redbox for renting DVDs and Blu-ray Discs, claiming the kiosk vendor was cannibalizing disc sales, struck distribution deals in which prior holdbacks were either sharply cut back or eliminated. They also rallied behind Redbox On Demand, a digital movie store launched in December 2017.

On the retail front, big-box chains like Best Buy and Walmart put discs back into the spotlight, buoyed by the emergence of 4K Ultra HD Blu-ray.

And digital retailers like FandangoNow and Google Play revved up their promotional muscle and pumped up the message that they had fresh movies for sale or rent. FandangoNow even put up a notice on its home page, touting the fact that it offers “New releases not on Netflix, Hulu or Amazon Prime subscriptions.”

It was all part of a bigger picture, in a year dominated by major media mergers — AT&T buying Time Warner, Disney buying 20th Century Fox — suggesting it was high time to come together and restructure existing business models to reflect changing consumer habits.

Content, as always, was king, but the feuding fiefdoms of the past were at last coming to peace with each other — and with themselves.

Subscription streaming continued to dominate the home entertainment business in 2018. Indeed, in the first nine months of this year, according to DEG: The Digital Entertainment Group, consumer spending on Netflix and other subscription streaming services rose more than 30% to $9.4 billion, nearly $2 billion more than consumers spent on all other forms of home entertainment combined– disc purchases ($2.79 billion) and rentals ($1.37 billion); digital purchases, or electronic sellthrough (EST, $1.8 billion),  and digital rentals, or transactional video-on-demand (TVOD, $1.57 billion).

But where Hollywood once saw a threat, in 2018 the studios saw an opportunity. As consumers, thanks to streaming, became increasingly accustomed to viewing movies and other content electronically, studios focused on moving them toward on-demand digital purchases or rentals — driving home the message that new releases aren’t typically available through subscriptions.

“Our comprehensive and strategic efforts to drive digital ownership and bolster engagement such as leveraging the early window, offering exclusive extras and emphasizing the best viewing experience possible are proving to be very effective as consumers continue to move toward and embrace the digital experience,” said Chris Oldre, EVP of pay TV, digital and international distribution at Walt Disney Direct-to-Consumer and International.

“Movies Anywhere has had a tremendous impact on transforming digital consumption and is a testament to the strength of the studios and digital retailers that have joined forces on an unprecedented scale. This year Disney once again experienced remarkable growth as our digital sales exceeded expectations in conjunction with the studio’s unrivaled box office success. Disney has the top three bestselling digital titles to date with Avengers: Infinity War, Black Panther and Thor: Ragnarok. We’re also incredibly proud of our celebration of Marvel’s 10-year anniversary this year.  We promoted the Marvel Cinematic Universe home entertainment catalog with a special sales promotion across digital, which undoubtedly helped propel Avengers: Infinity War to the No. 1 live-action spot on the all-time digital sales chart in a record-setting period.”

Ron Schwartz, president of Lionsgate Worldwide Home Entertainment, said that as consumer habits evolve, digital movie sales and rentals – electronic sellthrough (EST) and transactional video-on-demand (TVOD) — remain a priority. “We saw a significant increase in industry spending in this area in 2018, up 20%, and we will continue to collaborate with our retail partners on fresh ideas to keep consumer interest alive,” he said. “We see a large and growing market with multi-platform and specialty releases and will continue to build our leadership in this area.”

At the same time, Schwartz notes, “Disc sales remain robust … 4K UHD BD is rapidly gaining in popularity, as spend is on track to double this year versus last. We are committed to serving our audiences across the full spectrum of the digital   and physical business and we will continue to be a first mover in adapting these businesses as they continue to evolve.”

For Bob Buchi, president of worldwide home media distribution at Paramount Pictures, 2018 was the year of 4K.

“More than 42 million homes now have a 4K Ultra HD television and roughly 400 titles are available on 4K Ultra HD Blu-ray Disc and over 600 on Digital 4K,” Buchi said. “The numbers keep growing and for good reason: 4K brings home entertainment to life like never before, delivering content that better represents filmmakers’ original vision.  We’ve seen this play out with the week one 4K sales of Mission: Impossible — Fallout, which delivered our highest number of UHD discs sold, as well as the highest percentage of our physical sales ever.”

Disney’s Oldre agrees. “4K Ultra HD is a robust line of business for us and we’re experiencing healthy growth,” he said. “We continue to receive solid support from our physical retail partners and are confident it’s a market that our customers will continue to embrace given the format’s premier resolution.”

Catalog sales were another bright spot in 2018, Buchi said. “We’ve seen our digital catalog sales growing in markets around the world, including a 35% increase domestically through October, which indicates that more and more consumers have become comfortable with the format and are returning to the concept of building collections.  In addition, physical catalog sales have exceeded our expectations, as we continue to make concerted efforts to celebrate anniversaries of classic titles and strategically promote films from our library.”

Retailers certainly did their part in pushing the transactional business. At Best Buy and Walmart, the emergence of 4K Ultra HD Blu-ray led to bigger disc sections and, in the case of Best Buy, placement back in the center of the store.

Redbox in 2018 relaunched its brand, which included some major ad campaigns and sponsorships, including the Redbox Bowl college football game on New Year’s Eve at Levi’s Stadium in Santa Clara, Calif. The company also revamped its loyalty program; negotiated more favorable distribution deals with studios; and expanded the availability of previously rented movies and video games at kiosks.

The Redbox On Demand digital service, meanwhile, celebrated its first birthday in December with a new app on Vizio SmartCast TVs. The company also expanded its selection to 12,000 titles, from 7,000 at launch. CEO Galen Smith in December told Media Play News that Redbox On Demand has “surpassed major milestones to become a real player in the competitive digital home entertainment space. We’re seeing hundreds of thousands of customers, including bringing back folks we haven’t seen in a while.”

FandangoNow, a business unit of movie-ticket seller Fandango, struck deals with most major studios that allow it to package movie rentals into “binge bundles” that let consumers watch multiple movies at a lower price. The new offering launched on the Labor Day weekend with more than 100 bundles.

FandangoNow also cross-promotes digital movie sales and rentals with ticket sales. In December, just before the holidays, consumers who spent $20 on FandangoNow received $8 toward a movie ticket.

In the end, studio executives agree, it all comes down to keeping consumers engaged — which requires constant work.

“From a functional solution like Movies Anywhere that allows consumers to build and enjoy a streamlined digital library, to premium viewing with 4K HDR, to story extensions through virtual reality and other emerging formats, keeping consumers invested and engaged requires constant experimentation and innovation,” says Fox’s Keith Feldman. “Our ongoing challenge is to exceed consumer expectations today and simultaneously deliver next-generation offerings that will continue that engagement in the future.”

Netflix Originals Demand Share to Overtake Licensed Content by Fall 2019

Demand for Netflix Originals is estimated to overtake the share of demand for licensed titles by October 2019, according to new research by Parrot Analytics and Kagan, a media research group within S&P Global Market Intelligence.

Netflix has a goal of having 50% of its content be comprised of Netflix originals, notes the report, which leverages Parrot Analytics’ Demand Expressions metric, which uses social media, video streaming, photo sharing, blogging, micro-blogging, fan and critic rating platforms, peer-to-peer protocols and file sharing sites to measure consumer demand.

The report compared the sum of U.S. demand for both Netflix original series, and the licensed titles available on the U.S. Netflix service each month. While currently the most in-demand content tends to be licensed titles, the proportion of the demand share from Netflix original titles has generally grown month over month, according to the report. Overall, for the 12 months analyzed, the demand share for Netflix originals grew an average of 1 % each month. From July 2017 to June 2018, the streaming service’s reliance on licensed content dropped by 10.9%. Based on these 12 months of data, the report forecasts that Netflix will generate 50% of U.S. audience content demand with its own original content from October 2019 onward.

The report from Parrot Analytics and Kagan also looked at demand for television content across streaming subscription video-on-demand platforms in the United States. Overall, the report found demand for content on all major SVOD platforms, including Netflix, Hulu, HBO Now, Showtime, and Starz, has increased over the past year.

For the premium channel VOD platforms (HBO Now, Showtime, and Starz), new content from their linear channels tends to be the most in-demand, the study found. However, Parrot Analytics affinity analysis reveals that the respective back catalog of each VOD platform continues to play an important role, indicating that older titles likely remain an important driver of subscriber loyalty.

“The future for the industry is likely to be even more crowded and the winners are still unknown,” said Deana Myers, research director, S&P Global Market Intelligence. “Walt Disney is expected to debut its SVOD service in 2019 and its proposed buy of the studio and libraries of 21st Century Fox will add a vast amount of content to this service. Other anticipated SVOD launches include those by Apple and WarnerMedia. We estimate the overall US SVOD industry has many strong years of growth in its future, particularly as competition from Disney and Apple could impact the market.”

Other new entrants to the online video space, such as Facebook Watch, YouTube and DC Universe, are also investing heavily in originals and acquired content, the research firms noted. At the same time, content spending for Netflix, Amazon and Hulu is expected to continue to grow at double digit rates.

The research in this report is based on a catalog demand analysis of digital-only Netflix and Hulu services, and a premium channel VOD demand analysis based on TV demand data pertaining to HBO Now, Showtime and Starz.

Hulu First SVOD Service to Offer Payment through Venmo

Hulu announced it is the first streaming service to offer payment through the peer-to-peer app Venmo.

“At Hulu, we want to bring our viewers choice and flexibility, in as many ways as possible,” read a company statement. “From infusing our product with your favorite features like Night Mode on Web to supporting all the devices that matter most to you, we constantly strive to make it easy for you to stream, any way you want. And that includes how you want to pay for your Hulu subscription.

“That’s why we’ve partnered with Venmo, the app you love to use to send money, to bring you a new way to pay for your Hulu subscription.”

Beginning Dec. 6, Hulu subscribers with a Venmo account were able to sign up for a new Hulu account and pay with the peer-to-peer app.

“Pay with Venmo in just a few clicks — no need to pull out your credit card and type in your card number,” read the Hulu statement. “Just use your mobile Web browser to sign up for Hulu and select Venmo as your payment option. From there, your Venmo balance or linked payment method will be used for your monthly recurring subscription.”

Existing Hulu subscribers will soon be able to switch payment preferences to Venmo, too, according to the company.