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TV Netflix loses subscribers for the first time in 10 years. Stock plummets 20%.

E

Emily

Guest



Via Deadline:

Netflix shares plummeted more than 20% in after-hours trading after the company lost ground in terms of subscribers, falling to 221.64 million around the world.

The total was down 200,000 from where the company ended the fourth quarter, a rare reversal and a very different result from the internal projection of 2.5 million subscriber additions in the period..

Wall Street analysts expected the same level of growth, which was already projected to be the weakest in nearly a year for Netflix.
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Investors punished Netflix's already beaten-down shares, sending them below $270 after hours after they finished the regular trading day at $348.61, up 3%. They have lost more than 40% of their value in 2022 amid a broader rotation out of tech stocks and concerns about Netflix's growth potential. A similar pattern followed the company's previous quarterly earnings report last January. After softer-than-expected numbers, shares plunged by more than 20%, where they have essentially remained in the months since.
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I'm not surprised. We've thought about canceling our subscription as well and only getting a month here and there, the only reason why we haven't done so is literally out of habit. There's the occasional gem here and there and they do have distribution rights to some stuff I enjoy like Better Call Saul but the (perceived?) value of Netflix has gone down considerably for me over the last 1-2 years.

In a way that has also to do with the early years feeling almost like a bygone golden era: Streaming felt genuinely exciting, like a paradigm shift for both creators and viewers. We were getting revivals of fan favourites like Arrested Development, people like Fincher, Luhrman, the Wachowskis etc were making stuff for Netflix... and on top of that you also had a deep library of legacy shows and movies. Now with everyone else jumping on the bandwagon it almost feels like a return to cable. Literally have to go through four different streaming libraries that we share with friends and family just to find out that whatever you're looking for is on an US-exclusive service anyway.
 
I unsubbed. they kept raising the price and the content had been shit.
I had been deeply unhappy with the conspiracy theory documentaries they hosted for many years. They've stopped recommending them (at least to me) but they are still there. Meanwhile new content are either poor, have low budgets or just not very interesting.
 
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Maybe I'm not forward thinking enough, but it feels like Netflix is as big as it's ever going to be. I'd sell off any long held shares as well.

I used to subscribe to Netflix without any gaps, now I could probably go without it for an entire year, opting for 1-2 month stints of other subs like Disney+, Apple TV, and Crunchyroll, especially now that both Funimation and AnimeLab are folded into the same group, I do think there's enough fun content to jump in periodically, but they'll never have a steady sub from me again.
 
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The only reason I subscribe to Netflix is because it’s heavily subsidized by my T-Mobile plan. I’m not surprised with all the price hikes (with no real benefits added) that they’d be losing tons of subscribers.
 
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Surreal considering Squid Game was everywhere several months ago.

Aside from that, it's kind of sad to hear this because not only there will be less competition, but I feel that Netflix is the one that is pushing for more risky stuff compared to the other streaming services (yes, I know they had made a lot of safe shows/movies, but there is more beyond that). Mainstream cinema and TV in my country were 98% crap several years ago, but Netflix has helped a lot in funding and advertising good projects, resulting in some sort of tiny renaissance.
 
As more companies are coming on the scene with lower prices and more content that they fully own, Netflix is having a hard time keeping up. HBO Max, Paramount Plus, and Disney Plus all have so big of back catalogs. Netflix used to have so many shows that all moved to different services. Also, Netflix is more expensive for 4k tier than Disney or HBO or Paramount, they need to keep up.
 
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Something to note is that they've royally screwed over their partners, creators, and arguably investors over the years. This is also likely why they've been encroaching on other territories for content (notably Japan), but also have in the process just from comments continuing to do the same they did in the western markets, cause all forms of partnerships to walk away. They spend so much on licenses, shows, but often treat the team like crap, mis-market it, often times don't market their shows, send them out to die, and then cancel it after one production order (also many times misrepresenting that they're multiple seasons, but reality is one production).

I hate to say it and this is such an open secret: Netflix is about building "catalog", not brands, even at the costs of the shows doing well and treating the teams what they're worth.

Also let's not forget Netflix backed a transphobe rather than standing with their Trans staff and communities. Also from what has been said, Netflix pays their writers and animators like absolute garbage.

Seriously, they're fucking awful and a lot of this is on them, on top of pushing costs onto the consumers that are ultimately on their end.
 
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I watched some of the Oscars movies then unsubscribed as I felt I wouldn't use it for a while. I'm curious about the upcoming Sandman series though

Anyway there's other options out there with exclusive content and mostly cheaper so maybe the public started splitting
 
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I only watch it through a shared family account. If that goes the way of the dinosaur, no way am I getting my own account.
 
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Count me in the group that dropped it. We cancelled back in March. I wasn’t paying basically $20 just to get 4k Netflix when I’d watched most all the content I wanted too.
 
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Unless you really love Netflix content and their occasionaly one-hit shows (Squid Game), i can't understand why english speakers would subscribe to it.
For me its different: my girlfriend's english isn't good enough for her to enjoy english shows or even english subtitles, and it's getting harder to get portuguese subtitles for some tv shows (and no, portuguese brazilian doesn't count sorry); streaming services in Portugal give us good portuguese subtitles plus the ease of use of a streaming service (comparing to using Pirate Bay and searching subtitles for each individual episode)

But if they are goint to limit and charge extra for account sharing, then i need to find an alternative.
 
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They've probably hit their growth ceiling with Squid Game but they will be fine. Outside the US they will be the default streaming service for a very long time still.
 
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Two years ago it was hard to imagine not having Netflix, now I've considered canceling a few times. Still not there yet, but I can see why they're losing customers. It doesn't look like the user experience is going to be improving going forward either.
 
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I mean they were always overvalued on the hope of investors everything Netflix is doing will turn out in high profit and that abos and streaming are the new trendy business model. But meanwhile everyone is doing that.

For me personally they are still the best streaming service, the one with the most diverse content - at least where I live. But I also have no problems to watch a lot of regional content like a Norwegian dystopian series or some Korean Drama.
 
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Content is knig and Netflix ain't the king of that anymore. I have it for my GF only lol. Never watch it these days.
 
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Netflix has very much become a "subscribe-as-I-need-it" service because it's so damn expensive. I tend to mostly watch anime, and Netflix really sets up their service for binging and doesn't get that many anime licenses, so like, I can basically just watch anything I care about in a month and be fine. Meanwhile, crunchy+funimation as separate services were cheaper than netflix and had weekly releases if there was ever a current season anime I cared about. So, shrug

I guess, I'm mostly sharing why I moved from netflix, and it largely came down to price+sporadic and concentrated releases.
 
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Can't grow forever and it will be interesting to see if it continues.

I canceled my sub a couple a months ago and it all comes down to the constant raising of the price and that I think the quality is getting a bit worse.
 
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Mostly my reaction to this is: stock market is crazy, man. In a world with finite people and lots of major new competition, it shouldn't be such a shock that growth doesn't continue forever, buuut the market reacts with ABANDON SHIP.
 
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Price hikes, lackluster or canceled content, increased competition over time...this isn't surprising. Anecdotally speaking, I canceled my sub some time ago and Netflix has been relegated to a "I'll sub for a month once they've released or accumulated a bunch of shows I want to watch and binge them", service, which means I barely use it at all these days.
 
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Netflix cancels their best content before even a S2 and then they bump up the price, they shouldn’t be shocked at the results they’ve produced
 
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Chronozoah said:
Price hikes, lackluster or canceled content, increased competition over time...this isn't surprising. Anecdotally speaking, I canceled my sub some time ago and Netflix has been relegated to a "I'll sub for a month once they've released or accumulated a bunch of shows I want to watch and binge them", service, which means I barely use it at all these days.
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This is me. I expext the subs to increase when the new season of Stranger Things drop though.
 
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It's almost as if people will run away if you constantly raise your price, almost.
 
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I am unsubscribing once I am done with Saul. I still dont understand why they are cracking password sharing, and even less why they are doing it here in Costa Rica.
 
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