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200,000 Dropped Netflix and It Lost $30 Billion

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Boycotts used to be a major conservative tool. Do they still work? Not as well, but they can work.

Big Tech’s biggest vulnerability is the need to project an impossible perpetual motion machine of constant growth. What happens when that illusion of perpetual growth is challenged?

Then the bottom suddenly drops out.

Netflix reported its first subscriber loss in more than ten years on Tuesday, causing its shares to fall more than 20 percent.

The streaming giant reported a drop of 200,000 subscribers during the first quarter of 2022. The company last reported a loss in subscribers in October 2011, according to Reuters.

The company’s stock saw a 23 percent dive in after-market trading, which erased $30 billion in market value, the outlet noted.

$30 billion. Granted it’ll rebound. But Netflix is as much as admitting that it’s oversaturated and that its only profitable path forward is to continue raising subscription costs, something it now constantly does, and cannibalizing existing users by cracking down on the widespread practice of account sharing.

In a letter to shareholders, the streaming service said it expects the drop in subscriptions to continue and forecasted a global paid subscriber loss of 2 million for the second quarter.

Faster please.

Netflix added it’s harder to grow membership in many markets as “in addition to our 222 million paying households, we estimate that Netflix is being shared with over 100 million additional households.”

Look for a growing crackdown on account sharing as Netflix tries to turn freeloaders into subscribers. But that all but admits that the service has a ceilling.

The streaming service blamed “sluggish economic growth, increasing inflation, and geopolitical events such as Russia’s invasion of Ukraine,” as well as “some continued disruption from COVID” for impacting its growth as well.

Is there anything they won’t blame the Ukraine war on?

Comments

  1. And:

    Brian Stelter, the host of CNN’s recently launched streaming service, has announced it will cease to exist on April 30.

    Can the tide finally be turning?

    • I’m thrilled w/ this news, especially given that unless Chris Wallace is transferred to the main CNN, he’s out of a job! Unless FNC is stupid enough to hire him back

      Warner Bros needs to wind up CNN as well. MSNBC and the other leftstream channels – ABC, CBS, NBC, PBS already cover the Left, FNC covers the Center and Newsmax the Right. I don’t see any niche for CNN

        • Mohammed El-Kurd, what a joke that idiot is, he conveniently leaves out the extreme provocations, the continual stoning attacks on Israelis coming from a nest of Muslim domestic terrorists holed up in the mosque, and he has the gall to talk about fanatics, take a look in the mirror turkey. As far as I’m concerned the so called ‘Palestinians’ have no legitimate claim to any part of Israel, the Muslims invaded the place in 637 so all Muslims are invaders and should be kicked out of Israel.

      • Infidel,

        Yes, CNN is in very deep trouble – all of their own making.

        For them to survive, moving forward, they should drop the CNN name, rebrand, and position themselves as a politically neutral real news network.

        But I don’t think that that is going to happen.

  2. When everyone has money, more people have some to throw away on garbage. And then, there are some who choose not to waste money on garbage.

    From the little I have seen of what nefflix …just a ‘tip’ of the city dump…offers, I’d call it garbage.

    • Whenever I have more money – which hasn’t been often, I like to spend it on tangible stuff – either gadgets or accessories. Not on services which are a recurring monthly or annual cost

      Only services I currently pay for are my Internet connection w/ Comcast, who has a monopoly at my apartment, and SiriusXM, where I listen to the Patriot channel whenever I’m in the car

      • I’m the same. I can use groceries or clothing or such things a whole lot more than I can use a *service* that doesn’t allow me to choose whether I want it this month…as in seeing a movie and spending the money that one time….or not. It’s not worth it.

        there is one thing over which I wish i could have more control…when my phone and computer “updates.’ If my phone does what I need it to, I don’t need an update that will use up a bunch of space and while it is being installed, against my wishes, I can’t use the phone…even in an emergency. and I don’t want all those “updates” on my computer system which slows down the entire thing. and trying to remove old ‘updates’…like going to the dentist…all the warnings about it won’t work if I remove an update installed two years ago…
        Therefore, those things I can control…I relish for the feeling of having some say in my own life.

        • Actually, there are settings in both phone and computer that allow you to manually authorize any updates that happen. Most tend to be security updates

          Once we got to the point where we could relatively inexpensively get phones w/ storage above 64GB or computers w/ storage above 256GB, the issue of those updates filling up the computer are less likely. The issue you mention is why I got both a Chromebook and a Macbook, so that whenever my Windows laptop dies – it’s already excruciatingly slow – I would already have transitioned

          I stopped upgrading my phone since I got an iPhone 8, and I doubt that I’ll upgrade either of the other 2 computers either

        • I tried finding a way, but was informed that my phone was set up by the server to receive updates and that’s the way it is.

          I just wish I didn’t need a phone or a computer…go back to the “good old days’…maybe I could learn to send smoke signals adn my family could learn to read them.

        • somehistory,

          I bought a desktop computer years back for the sole purpose of dictating medical SOAP notes (encoded and with no patient identifiers). It had a version of a Windows operating system, Word, and DragonDictate.

          Since purchased, the computer has NEVER been connected to the Internet. I would download my encoded SOAP notes to a thumb drive and email them on a second computer to a third computer that gave me access to my clinic’s electronic medical records.

          The concept worked flawlessly for many years – and the computer salesman agreed that it was a good idea.

        • James,
          You are an intelligent man. If only there were more like you…in medicine and out.

  3. Once I became aware thatthe Obama’s would be on the board and influencing content I cancelled my subscription and my decision was supported when I saw the sexualization of children in their “Cuties” presentation.

  4. If the woke hysteria propagates that whites can’t play characters involving black or minority culture how about blacks playing impossible characters in British royalty and noblesse back in the days when blacks only had servitude obligations? ”Bridgerton” is a far cry from reality that far out that only limited Millenials appreciate the rubbish.
    —Obummer’s hapless hand is visible.

    • The idea that Whites don’t know or appreciate Black “culture” but Blacks can know White culture is not only in the movie fiction, but in real life. Whites are condemned when they foster Black kids who need a home, but White kids are given to Blacks without anyone raising objections.

      (some Black woman on a tv program about the “worst cooks” was given a little child, White of skin, and the child got sick. This angered the woman and she and her husband have gone to trial for murder of the little girl. But who has said anything negative about the child being given to them? If it was the other way around, all over the news would be hue and cry.)

      It’s a sick world where money and power are all that matters, and morals are tossed into the wind.

      “bo” and others of his ilk have their dirty hands all over everything…form entertainment, to education, to government…

  7. 200,000 Dropped Netflix and It Lost $30 Billion
    …………

    Not sure the reason for this…

  8. The Comunist Party of China owns 49% of ALL media producing companies. The CCP owns a major stake in AMC theaters. The CCP owns lots of stock in CNN, MSNBC, ABC, CBS, and the biggest newspapers and publishers in the USA..

  9. When they started to support Islamic terrorism and portray the victims as villains in their woke shows. It is bound to fail miserably. Woke Netflix going broke LOL.

  10. I have written Netflix that as a long-time customer (almost day one) the minute I see this awful self-serving couple H. & M. involved in anything I will cancel my subscription. Since they started I have many many sites to choose from, something they appear to have forgotten the world has changed as ever…..

  11. I don’t think Fox subscribers would allow Chris Wallace to come back. They are still trying to get rid of Juan Williams. He is the last token and has been pretty toned down of late.

    • Actually, since Election Day 2020, FNC did hemorrhage a lot of viewers, like me. Chris Wallace, Juan Williams, Neil Cavuto, were just some of the reasons. Initially, it took some adjusting, but once I discovered Newsmax, things were good. It became even great once a few ex FNC people – Heather Childers, Eric Bolling and Rob Schmitt joined the channel

      In fact, it was only after that point in time that Tucker was put on Fox Nation: previously, it had everyone but him. But after seeing the Piers Morgan fiasco, I’m glad I never signed up for that ?

      Bottom line: I just don’t care whether or not Wallace goes back to FNC

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