Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook spoke to the central bank about the digital currency called LibraThe Fedread more
American Airlines is the first major U.S. airline to order Airbus' new long-range, single aisle aircraft.Paris Air Showread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Employees spoke out on issues such as forced arbitration, workplace equity and Project Dragonfly at Alphabet's annual shareholder meeting.Technologyread more
Beyond Meat has blown up. The plant-based meat company is now larger than 80 S&P 500 companies, including Macy's, Xerox and Mylan.Trading Nationread more
Oracle found revenue growth from cloud applications in its fiscal fourth quarter, which helped it surpass analysts' expectations.Technologyread more
The deal for Perfect Bar's parent gives Mondelez a further foothold in snacking, as more people eat on-the-go.Food & Beverageread more
Chesley "Sully" Sullenberger told a congressional panel that pilots should receive simulator training before flying the Boeing 737 Max.Airlinesread more
"Stranger Things," "13 Reasons Why" and "Bright" were big hits on Netflix in 2017, and the company has credited marketing — as well as the content itself — for their success.
As well as spending between $7.5 billion and $8 billion on shows, Netflix will increase its marketing expenditure to $2 billion this year, up from $1.28 billion in 2017, the company said in a shareholder letter published Monday.
But in spite of a healthy budget, Netflix Chief Executive Reed Hastings would actually rather not spend any money on marketing at all. "Our sort of Holy Grail dream is that the service was so good at promoting the new content in such relevant ways that we wouldn't have to spend externally," he said on the company's fourth quarter earnings call Monday.
Greg Peters is Netflix's chief product officer — the man in charge of optimizing the streaming site's recommendation algorithm that encourages people to watch more shows — while Kelly Bennett is its chief marketing officer, responsible for spending that cool $2 billion budget.
"So think of it as there's a little bit of competition between Greg and Kelly Bennett's spending to see who can drive the growth of the titles most effectively," Hastings said on the call.
Hastings added that Netflix wants to improve "free" promotion for the site's shows.
"As we are right now, it still is a really good financial investment to increase on the marketing and that may continue to be so," he said. "But we're always also trying to improve the product in the organic reach, social and PR of the title marketing, where you end up having to spend less on paid marketing."
Netflix is known for its use of data to suggest content to viewers and Hastings said it experiments with how best to market shows as well.
"But we really, as you can understand, steer by the data where we're doing these city-level, country-level experiments to see what are the efficient ways and productive ways to get, say, 'Bright' viewing very large, or a title that we recently had 'The End Of The F--king World' and it's been incredible for us with not much marketing and then we're boosting on it," he said.
Asked whether Netflix would run ads on its site, Hastings said not. "It is a core differentiator and again we're having great success on the commercial-free path. That's what our brand is about. So we're going to continue to expand the relevance of a commercial free service around the world and make that so popular that consumers are very used to and appreciate Netflix."
Traditional or "linear" TV is being disrupted by services such as Netflix and Amazon Prime, and in turn there is also fierce competition among streaming sites. Disney is to remove its content from Netflix in 2019 and has also agreed to buy some 21st Century Fox assets, including Hulu, another Netflix rival. But Hastings said he would subscribe to Disney's service.
"I think, in particular, Disney, with its strength of brand and unique content, will have some real success. I know I'll be a subscriber of it for my own personal watching. The same way as many Disney and Fox executives also subscribe to Netflix," he said on the earnings call.
Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.