During the pandemic period, people were reduced to having a viewing experience of the latest projects on Netflix and other such online platforms. There was even a rise in the number of streaming platforms with major networks shifting to streaming. This also paved the way for a variety of projects from all across the world to make it into the platforms for a wider audience. Every week there was a whole new release that varied from massive franchise projects to directorial endeavours that end up leaving a mark on the audience. It is quite clear that almost every platform somehow managed to take on the formula that Netflix had managed to successfully adopt. Now it seems that Netflix is facing a loss as a number of subscribers leave Netflix.
Netflix saw a major success over the years with a wide variety of content being accessible to the audience. A lot of directors ended up finding a whole new means of showcasing their talent with work that ranged from indie to big-budget endeavours. The platform did see some difficulty getting recognition at the Academy Awards, but this did not mean that major directors weren’t interested in working. We saw the likes of Martin Scorcese, Alfonso Cuarón, and Jane Campion giving their projects a Netflix release, and the latter two even managed to win awards and garner recognition.
During the pandemic period, there were a variety of projects were released from the streaming service. This ranged from shows to movies that involved massive casts and even projects from debut directors. Since people didn’t have to go to a cinema hall for the viewing experience they were ready to digest whatever the platform was offering them. This saw some rather poorly received movies gain some high viewing numbers. Netflix wasn’t holding back either, they managed to rope in major franchises and some massive stars with a load of money to be served in the streaming service.
Netflix Loses Subscribers
One of the biggest achievements of Netflix was the lack of the need to sell ads and this ended up being one of its major advantages. After facing a loss in subscribers in 2011 as they were in the process of shifting from DVD-mailing and hiking prices, the service has seen major success. But recently things took a surprise recently when it was reported that instead of adding more than 2 million subscribers based on predictions it ended up losing 200,000. Based on this downfall the service might end up losing about 2 million subscribers in the next quarter. Netflix’s stock is collapsing and has seen a downfall of 25 per cent.
Netflix blamed this loss on a variety of factors that also included the suspension of its services in Russia. This was done as a means of the opposition to the country’s move in invading Ukraine. According to the company,
In the near term though, we’re not growing revenue as fast as we’d like. COVID clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the COVID pull forward. Now, we believe there are four main inter-related factors at work,
Account sharing as a percentage of our paying membership hasn’t changed much over the years, but, coupled with the first factor, means it’s harder to grow membership in many markets – an issue that was obscured by our COVID growth.
Now it seems that the platform will be introducing different means of making sure that there is no more password sharing. According to this method, the platform will charge an extra fee if a subscriber intends to share their password with someone else. It is interesting to see the platform face such a loss during a period when some of the biggest names in the industry are set to make their debut on the platform.
It looks like Netflix is going through bad days as a huge chunk of subscribers leave Netflix. What do you think about it? Share your thoughts in the comments.