we'll hearfrom a british farming hero. live from london, this is business today. we start in the us, where the streaming video giant netflix added overfive million subscribers in the third quarter. the company beat wall street's expectations on every financial metric. at the same time, the streamer is starting to raise prices in some countries, as growth spurred by its crackdown on password sharing starts to fade. netflix is also experimenting with advertising. let's get more from our north america business correspondent, ritika gupta, in new york. netflix's latest earnings report topped estimates on wall street. the streaming giant added over five million subscribers in the third quarter — analysts had predicted around 4.5 million — and the company says subscribers for the current quarter will be even higher. sales and profit also surpassed expectations — revenues for the period grew 15% to $9.8 billion, while earnings increased

to $5.40 a share. shares of netflix have more than quadrupled since may 2022 — that's when a slowdown in the company's growth led to a major sell—off. since then, the company has continued to deliver strong growth, adding more than 60 million customers thanks to a crackdown on password—sharing, and the introduction of a lower—priced subscription with advertising. to further drive revenue, netflix is again asking customers to pay more — after recently raising prices injapan and parts of emea, the company said it would raise prices in italy and spain on friday. the streamer says its future growth is likely to come from continued investments in advertising and gaming. let's cross live now to new york and hear from ross benes — senior analyst, tv and streaming at emarketer.

thank you forjoining us. in terms of what they are doing here, they have a lot of growth and have achieved incredibly high financial metrics yet they are raising prices. is that a risky game?— are raising prices. is that a risky game? they still have a bit to no risky game? they still have a bit to go before _ risky game? they still have a bit to go before they - risky game? they still have a bit to go before they hit - risky game? they still have a bit to go before they hit a - bit to go before they hit a ceiling on prices. they could go another probably $5 over the course of the next three years and still be ok. it is when you raise prices substantially it becomes really risky. the way cable companies have done for the last few years. are cable companies have done for the last few years.— the last few years. are they not worried _ the last few years. are they not worried about _ the last few years. are they - not worried about competition? are they very much a head, do they have the edge? the streaming market is pretty crowded. streaming market is pretty crowded-— streaming market is pretty crowded. . ., ~ crowded. yeah, the market has definitely got — crowded. yeah, the market has definitely got more _ crowded. yeah, the market has definitely got more crowded - definitely got more crowded over time, definitely got more crowded overtime, but definitely got more crowded over time, but they have an edge over all other subscription streaming services. the only other services. the only other service that really accounts for more spent is youtube because most of its users are on a free tf. when you look at services that people actually

pay for, netflix has a pretty comfortable lead and a lot fewer cancellations as a share of their total user base than most of these other services. how have they managed to do that? a couple of years ago we were talking about how netflix is possibly on the back foot after initially being the kind of trailblazer in that market. what have they done to close that gap? what have they done to close that aa-7 , what have they done to close that aa - ? , ., what have they done to close that gap?— what have they done to close thatu-a? , . ., ., that gap? they have always had a treat that gap? they have always had a great user— that gap? they have always had a great user experience - that gap? they have always had a great user experience and - a great user experience and thatis a great user experience and that is where advertising may conflict. netflix doesn't really buffer, it loads easily, everything is pretty seamless, it is high quality. people have got so accustomed to using it. it has been around longer than the other streaming services so it has that advantage, as well. and it has gone into live events and sports so that is an interesting turn.— interesting turn. yeah, they have basically _ interesting turn. yeah, they have basically got _ interesting turn. yeah, they have basically got into - have basically got into everything they said they were not going to. they have advertising now, they said they

wouldn't. they don't let you share your password with your family members the way they used to encourage you to, and now they are going to have some life events including pro wrestling and some nfl games. the live events helps them create a predictable on a consistent audience that they can sell to advertisers. it is a lot easier to know how many people are likely going to tune into an nfl game or a boxing match than it is trying to predict how many people will watch the big movie that she spent $100 million on. 51am watch the big movie that she spent $100 million on. such is the sharp _ spent $100 million on. such is the sharp competition - spent $100 million on. such is the sharp competition faced i spent $100 million on. such is the sharp competition faced in that space, i believe. thank you very much forjoining us. ross benes, there. let's head to china now where the state of the economy continues to cause concern. gdp is up 4.6% in thejuly to september period versus the same period last year. that's the slowest rate of growth since early 2023. the country's economy is still being held back by a property recession and weak consumption.

china's central bank has been holding meetings with leaders of the financial sector to urge them to do more to support capital markets. let's cross live now to duncan wrigley, chief china+ economist at pantheon macroeconomics. thank you forjoining us. we have been talking about the sluggish growth in china. we have seen stimulus injected into the economy. what do you think will happen next, will that be a continualjourney of government intervention? yes, absolutely- _ government intervention? yes, absolutely. we _ government intervention? yes, absolutely. we have _ government intervention? yes, absolutely. we have seen - government intervention? yes, absolutely. we have seen a - absolutely. we have seen a slight signs in the september data of some of the earlier stimulus. the government really launched a big increase in debt issuance since august and that started to creep in to slightly faster investment in september and what we have heard recently, following the chinese stock market, signs of more stimulus picking up. mainly the

central bank, towards the end of september, launching a broad monetary stimulus. what it is missing right now is signs that the central government in particular in beijing is willing to take up more of the burden by stepping up the levels of fiscal stimulus from central government. there is a bit coming through but not enough to get china towards its growth targets.— growth targets. there is a risk, growth targets. there is a risk. isn't _ growth targets. there is a risk, isn't there, - growth targets. there is a risk, isn't there, when - risk, isn't there, when governments step in and expand that monetary policy. tell us about that.— that monetary policy. tell us about that. well, china has a history of _ about that. well, china has a history of responding - about that. well, china has a history of responding to - about that. well, china has a i history of responding to strong downturns with credit fuel stimulus is. in the past it has often led to that money not going to the real economy, which is where the government wanted to get to, but ending up in asset markets. in the past it was stock markets, property

markets. you had signs of speculation, rapid home price growth, rapid stock price growth. this time around, as you mentioned, the property market is still in this very deep recession so it is not likely to be much money going therejust yet likely to be much money going there just yet but we have seen that money leaking out into the capital markets, the stock market and all that volatility we have seen over the last few weeks. ., , we have seen over the last few weeks. . , , ., weeks. one last question. in terms of— weeks. one last question. in terms of the _ weeks. one last question. in terms of the impact - weeks. one last question. in terms of the impact on - weeks. one last question. in. terms of the impact on people outside of china, on economies outside of china, on economies outside of china, what is that impact? outside of china, what is that im act? ., outside of china, what is that imact? . i. outside of china, what is that imact? . ~ ., impact? yeah, so, you know, china has— impact? yeah, so, you know, china has been _ impact? yeah, so, you know, china has been growing - china has been growing relatively slowly since reopening last year and therefore hasn't been, compared with many other times, such as after the post—global financial crisis, when china soared ahead, pulled up the economy, drove demand, pulled up monetary prices, this time around china has not played that role. its growth has been

relatively subdued and hasn't been playing the same role in terms of really driving global growth. at the same time, many other major economies in the world are slowing down following previous monetary tightening, interest—rate increases. so, you know, china is somewhat of a drag on global growth compared with previous cycles. growth compared with previous cles. ., ~ growth compared with previous cles. ., ,, , ., growth compared with previous cles. . ~' , ., , cycles. ok, thank you very much, always _ cycles. ok, thank you very much, always good - cycles. ok, thank you very much, always good to - cycles. ok, thank you very l much, always good to chat, duncan wrigley. the impact of chinese consumption or slow down of it has had a knock—on effect on luxury stocks. the us markets saw fresh highs yesterday — the dow—jones closed at 113,239. nearly every month this year has seen record highs on the main us index, while the nasdaq and s&p500 have also enjoyed the fruits of the impact of artificial intelligence on many of the big tech companies. let's talk now to janet mui — head of market analysis at rbc brewin dolphin.

good to see you. what is driving that? we have had a pretty good year in the us in terms of markets.— pretty good year in the us in terms of markets. good morning. thank you — terms of markets. good morning. thank you for— terms of markets. good morning. thank you for having _ terms of markets. good morning. thank you for having me. - terms of markets. good morning. thank you for having me. i - thank you for having me. i think it is the combination of interest rate cuts by global central bank, markets easing monetary policy and the fact that the economic data has been holding up better than expected, particularly in the us. also the fact that these large incorporates in the us have been delivering good earnings results, including of course the very important sector of artificial intelligence, they have been powering these tech stocks. these combinations of factors really have been the positive drivers. �* ., really have been the positive drivers. �* . , . drivers. and are these tech stocks that _ drivers. and are these tech stocks that have _ drivers. and are these tech stocks that have done - stocks that have done incredibly well in terms of valuation, we have seen share prices really saw it to new highs this year, do you feel that perhaps is a bit of a bubble, lots of people talk about that, a potential

slowdown in those share prices. is that coming?— is that coming? well, we don't think it is _ is that coming? well, we don't think it is a _ is that coming? well, we don't think it is a bubble. _ is that coming? well, we don't think it is a bubble. the - is that coming? well, we don't think it is a bubble. the thing i think it is a bubble. the thing is, as we observed, the share price increases in these stocks are really supported by real increases in these corporate earnings. so these are really driven by real economic forces and real demand. for example in artificial intelligence we saw that the demand for al chips remains very strong. it is the message across the industry and so this is something that is real. fora bubble so this is something that is real. for a bubble it is really driven by hype and that is driven by hype and that is driven by hype and that is driven by speculation, people passing on stock prices irrespective of whether the company is profitable. right now we see the winners of the stock market rally are really the companies that are doing well fundamentally. qm. the companies that are doing well fundamentally. ok, thank ou for well fundamentally. ok, thank you forjoining _ well fundamentally. ok, thank you forjoining us. _ well fundamentally. ok, thank you forjoining us. it _ well fundamentally. ok, thank you forjoining us. it will- well fundamentally. ok, thank you forjoining us. it will be . you forjoining us. it will be interesting to see where stocks

had towards the end of the year, particularly with the us election around the corner. janet mui. let's head now to the paris motor show — where, as we've been reporting this week, the big story is the growing rivalry between established european carmakers and chinese firms, who want a stake in the new market for electric vehicles. well, one european group seems to have decided, if you can't beat them, join them. stellantis has invested heavily in the chinese ev startup leapmotor. 0ur reporter theo leggett spoke to leapmotor international�*s chief executive, tianshu xin. we are positioning ourselves as a pure ev brand with technology developed by our chinese founder. it's a clean, electrified mobility solution offering to our customers in addition to our 1a traditional iconic brands stellantis group has. not so long ago it was european brands going into china

because chinese manufacturers wanted the cachet of a european brand. now this is a european brand wanting a chinese brand. what's going on there? if you look back a0 years ago, exactly the business model, as you said, because at that time the chinese needed technology, the auto industry was in its infant stage. and so the european or the international 0em going there and... but nowadays the industry has evolved in the past several years. 0k? and the china ev industry has been able to develop in a very agile, efficient and fast manner and with a lot of technology contents in its car. 0k? so... and some subsidy from the chinese government, or so we're told. i think it's... if we were looking at it from that perspective — i'm sure you've been to china — if you look at the infrastructure, the comprehensive and the world

coverage of the charging infrastructure is very mature, comparing with maybe the rest of the world. that's one of the key reasons why ev is starting growing up so rapidly in china in the past several years. now, as i'm sure you're aware, the european union has introduced tariffs on imported electric vehicles from china. how is that going to affect your business? as a company, in any market where operating, rule number one — we need to comply with the regulatory requirement. 0k? but the beauty of leapmotor international, the beauty of this business model — the cooperation between stellantis and leapmotor. as i said, leapmotor international is a new start—up,

is a new—born baby, but has two strong parents. one is developing a very innovative technology and product at very highly competitive price. the other one, stella ntis, offers powerful global assets, including the network. so you can build cars in europe for the european market. are you going to build cars in europe for the european market? so, as you mentioned early on, right — the regulatoryjust being announced a couple of days ago. so we're analysing the detail of the regulatory requirement and based on this assessment, then we need to look at it from business perspective — what makes sense and what doesn't make sense. around the world and across the uk, this is bbc news.

now to japan, because

its anime industry has hit quite a milestone — its market has topped $2 billion in value thanks to hit movies and the growth of streaming services. let's cross live now to our residentjapan guru mariko 0i. how are you? quite a milestone, isn't it? ., ., , isn't it? indeed. i am not sure if ou isn't it? indeed. i am not sure if you are _ isn't it? indeed. i am not sure if you are a — isn't it? indeed. i am not sure if you are a fan _ isn't it? indeed. i am not sure if you are a fan but _ isn't it? indeed. i am not sure if you are a fan but i _ isn't it? indeed. i am not sure if you are a fan but i grew- isn't it? indeed. i am not sure if you are a fan but i grew up i if you are a fan but i grew up watching studio ghibli and my kids are now hugely into pokemon and our current favourite is rising impact so this is exciting that i have noticed many more anime or manga and various streaming services and there is high demand and also getting royalties from products. anime companies managed to generate 340 billion yen in revenue last year, which is about 2.3 billion us dollars, which is the highest since records started and it is also a jump of 23% compared to the previous year. did you know that japan's

content industry produces $32 billion in annual exports? it is close to the value of its chip and steel exports and anime accounts for roughly 30% of the sector.— of the sector. you mentioned that has made _ of the sector. you mentioned that has made a _ of the sector. you mentioned that has made a comeback. i | that has made a comeback. i remember my brother being obsessed in the 90s so it has had a bit of a this whole industry, it is not without controversy.— 1537 00:17:26,873 --> 00:17:27