Comcast's Cohen: Netflix is ‘Ultimate Frenemy’

While the rest of the industry frets about the addition of more than 3 million Netflix subscriptions in the second quarter, Comcast senior executive vice president David Cohen said the streaming service has actually helped drive two of cable’s most profitable business lines -- broadband and content licensing. “Netflix is the ultimate frenemy,” Cohen said. Cohen added while some fear that more Netflix customers means less cable customers, he reminded the audience that reliable broadband is a crucial element of the streaming service. “Remember, you can’t get Netflix without broadband service,” Cohen said. “Those are 3 million customers of our broadband service.”

He added that Netflix also has contributed to the content side of the business, providing another significant stream of revenue for library content for both television series and films. While Cohen sees Netflix as a complement to Comcast’s cable offering, he acknowledges that streaming services, especially those that offer slimmer video packages like Sling TV and Sony PlayStation Vue, could potentially be more attractive to price-conscious consumers. “Part of this is a self-inflicted wound,” Cohen said. “We have made video too expensive.”