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Only Rege Jean Page Can Save Netflix!
This week, Netflix shares plummeted 30% wiping $54 billion off its value.
This happened because it lost 200,000 subscribers. The platform is expected to lose an additional 2 million subscribers in the next quarter. Not even the second season of Bridgerton or the soon to return Stranger Things could convince subscribers to stay.
The platform recently increased the price of its monthly subscription and many might have unsubscribed to cushion themselves from the current global inflation.
Netflix also stated that its customers were password sharing which was a major cause of their falling subscriber base. The company issued stern warnings about this practice.
The company also recently suspended user accounts in Russia due to the country’s invasion of Ukraine and has been facing fierce competition from rivals such as Disney+ and HBO. All these factors combined may have contributed to the company experiencing negative growth for the first time in a decade.
As the pandemic is ending and people are returning to normal life, the subscriber base is reducing as most are not stuck at home as they had been for the last two years.
Plus many users were unhappy with David Chapelle’s $60 million comedy special that mocked and gaslit members of the transgender community…
