奈飞：用户肯付钱，却看得少了

The money the company earned this year may be more than in any other year.

The number of people who canceled after subscribing is the lowest in the industry.

But its stock has fallen by half from last year's peak.

Now one share is only 63 dollars.

The time people spend watching the company's movies is 9% less than three years ago.

This figure was calculated by Wells Fargo.

The trouble on the advertising side is even bigger.

The company originally planned to earn 3 billion dollars from advertising next year.

Now that number has been changed to 2.7 billion, a drop of 10% at once.

The reason is that the advertising technology is not ready yet, and new ads are being rolled out slower than expected.

A company executive said that this year's advertising target was set very high.

He said they are still a little short of the target.

On the same screen, YouTube is moving faster.

On American televisions, YouTube is the biggest.

The time spent watching YouTube is about twice that of watching the company's movies.

One analyst said that in the past people lacked good shows, but now what they lack is time.

The company shows only a little over two minutes of ads per hour, while others show eight minutes.

To get more people to watch, they have to spend more money making films.

But if they spend more money, the company has less money left.

A price increase will push some people to the cheaper service.

That service costs about 9 dollars a month and doesn't earn much money.

If ads don't sell well, the money earned from each person will be even less.

More than a third of next year's extra revenue will depend on advertising.

Last year the company stopped reporting how many people had subscribed.

It said that how long viewers watch is the best indicator of satisfaction.

Now that this time is no longer growing, it has changed to reporting it once a year.

Previously it was twice a year.

A few years ago its viewers dropped a lot, and later the stock rose back.

This time, it first replaced the people who make the shows.

Next year the 'Narnia' movie will be released, as well as a new season of a popular series.

Analyst Cahall said the market is valuing the company too high.

He said it should be valued like Disney, at 15 times earnings.

The market is currently giving it 17 times.

Another analyst, Martin, said the company relies on only one business to make money.

This business is already very big, and it is hard for it to grow fast again.

Other old companies are different; a film can make money in theaters and from toys.

Martin also said that artificial intelligence is getting more and more powerful.

In the future, people on YouTube will be able to make better videos for the same amount of money.