Wall Street is buzzing about a prospective collaboration between tech titan Alphabet Inc. (NASDAQ: GOOGL) and streaming provider Netflix Inc. (NASDAQ: NFLX).
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According to AdAge, Google, a subsidiary of Alphabet, is presently in discussions with Netflix regarding a potential agreement covering ad distribution on the well-known streaming service. Alphabet is also the most probable candidate to work with Netflix as an advertising partner.
Recall that Netflix earlier declared its intention to provide a new ad-supported streaming service. Although the firm hasn’t yet moved forward with the notion, a collaboration with Alphabet, which has a wealth of advertising industry knowledge, might further Netflix’s progress in this direction.
It’s interesting to note that Alphabet investors responded favorably to the announcement of a potential alliance. In trading on June 21, the company’s shares increased by more than 4%. The GOOGL stock reached a high of $2,229.75 on June 22.
Investors are probably of the opinion that the agreement with Netflix would significantly boost the company’s lucrative advertising division. At the same time, interest in the partnership is high, particularly given that the Federal Reserve is raising interest rates to combat inflation, which might cause the economy to weaken.
A new collaboration would be the type of arrangement that would keep advertisers engaged because the economic slump may limit some of the spendings on web advertising.
Following the news of a potential agreement, the NFLX shares dropped by more than 2%. The shares traded for $179.89 in the June 22 trading session.
The price of NFLX rose 0.89 percent over the last week while falling -3.06 percent over the previous month. The stock of this firm declines -51.48 percent during the past three months. The stock has lost -69.96 percent during the past six months, and -64.56 percent over the course of the whole year. Year-to-date (YTD) price performance for this stock is now negative at -69.84 percent as of the time of writing.