Netflix Co-CEO Downplays Apple Vision Pro's Market Relevance: 'We Have To Be Careful…'
Netflix Inc.’s (NASDAQ:NFLX) co-CEO, Greg Peters, has downplayed the significance of Apple Inc.'s (NASDAQ:AAPL) Vision Pro market, describing it as too small to warrant an investment at this point.
What Happened: In an interview with Stratechery, Peters stated that the market for the Apple Vision Pro isn’t large enough to yield a return on the resources required to develop an app.
According to Peters, “We have to be careful about making sure that we’re not investing in places that are not really yielding a return, and I would say we’ll see where things go with Vision Pro.”
This follows reports that Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube and Spotify Inc. (NYSE:SPOT) along with Netflix had decided not to launch apps for the device.
Despite ongoing discussions with Apple, Peters noted that the device is not particularly relevant to most Netflix members at this time.
However, he has not entirely dismissed the possibility of a Netflix app for Apple Vision Pro in the future.
Acknowledging the long-standing relationship between the two companies and the potential for future developments to alter this stance, saying, "Certainly we’re always in discussions with Apple to try and figure that out but right now, the device is so subscale that it’s not really particularly relevant to most of our members.”
Why It Matters: Earlier this week, Gene Munster, the managing partner of Deepwater Asset Management, predicted it would take two years for Apple’s Vision Pro to reach the one million unit sales milestone.
Munster had previously said that eventually, 10% of Cupertino's revenue would come from its first-generation mixed-reality headset.
Meanwhile, Apple Vision Pro’s sales surpassed the expectations of Wedbush analysts who have now upgraded its 2024 sales prediction due to the impressive first weekend.
The general agreement was in the range of 70,000 to 80,000 units, influenced by the substantial price of $3,499 and Apple’s emphasis on encouraging developers to embrace the visionOS platform.
“Fast forward to pre-orders hitting the Apple website this past Friday, and based on our initial reads/delivery times, it looks like close to 180,000 Vision Pro units were sold over the weekend in a very impressive Cupertino launch,” the analyst had said.
The headset will launch on Feb. 2, alongside several accessories and the AppleCare+ plan. The tech giant is scheduled to report its first quarter 2024 earnings a day before the launch.
Image via IIIARKED on Shutterstock
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