Netflix is on the verge of bankruptcy as millions of users begin fleeing the platform due to the “woke” agenda constantly promoted by the streaming giant.
In a grim letter to shareholders last spring, the far-left streaming service projected that two million users would cancel their membership by the second quarter.
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The huge loss in users comes after Netflix took a massive hit at the beginning of this year by losing 200,000 subscribers.
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“Our revenue growth has slowed considerably, as our results and forecast below show,” the report warned.
“However, our relatively high household penetration — when including the large number of households sharing accounts — combined with competition is creating revenue growth headwinds.”
Dailymail.co.uk reports: Even Netflix boss Reed Hastings was forced to admit during a conference call about the results: ‘It’s tough losing a million subscribers and calling it a success’.
The company has previously blamed its slowdown on increased competition from rivals including Disney+, Apple TV and Now TV during the Covid pandemic, the inflation crisis largely created by Putin’s war in Ukraine which is now squeezing the budgets of millions of households on both sides of the Atlantic, and its decision to curb account-sharing.
Founded in 1997 by Hastings and Marc Randolph, Netflix enjoyed a decade of uninterrupted expansion when it began producing original content including The Crown, House of Cards, Orange is the New Black, Squid Game, Bridgerton and Sex Education.
Analysts believe that Netflix was probably spared from deeper losses by the ongoing popularity of Stranger Things, its science fiction/horror series that debuted in 2016, Ozark and Squid Game. It also continues to finance high budget films such as The Gray Man starring Ryan Gosling, Chris Evans and Ana de Armas, costing more than £166million ($198 million USD).
But other experts believe that viewers have switched off due to ‘woke’ content such as such as He’s Expecting, which depicts a man who becomes pregnant, and Meghan Markle’s ill-fated project Pearl and Dr Ibram X Kendi’s Antiracist Baby. It is also believed Netflix’s crackdown on password-sharing has helped to fuel the exodus from its service.
Viewers have blasted the company, saying they had no interest in ‘patronizing, virtue-signaling lectures’.
Netflix’s adaptation of Resident Evil, for instance, was received with criticism by viewers who slammed the streaming giant for making the main characters woke and vindictive towards men, Cosmic Book reported.
It has also been mired in controversy after choosing to back comics Dave Chappelle and Ricky Gervais over edgy jokes about transgenderism in their recent comedy specials.
In a letter to investors, Netflix said: ‘Our challenge and opportunity is to accelerate our revenue and membership growth by continuing to improve our product, content and marketing as we’ve done for the last 25 years, and to better monetize our big audience.’
Netflix’s April-June regression follows a loss of 200,000 subscribers during the first three months of the year, marking the first time Netflix’s subscriber totals have shrunk in consecutive quarters since its transition from offering DVD-by-mail rentals to video streaming began 15 years ago.
The loss of nearly 1.2 million subscribers during first half of this year also provides a start contrast to the pandemic-driven growth that Netflix enjoyed during the first half of 2020 when its streaming service picked up nearly 26 million subscribers.
Sensing potential trouble brewing, Netflix began branching out last year by adding free video games to its streaming service.
But that obviously hasn’t been enough to propel subscriber growth, prompting Netflix’s April announcement that it will crack down on the rampant sharing of subscriber passwords and take another step it once scorned by offering a less expensive tier of its service that will include commercial interruptions.
Without providing further specifics, Netflix said Tuesday that both the ad-supported plan and the crackdown on password sharing will begin early next year. The company didn’t say how much the streaming option with commercials will cost.
‘It’s great that our members love Netflix movies and TV shows so much they want to share them more broadly,’ director of product innovation Chengyi Long said Monday in a blog post.
‘But today’s widespread account sharing between households undermines our long term ability to invest in and improve our service.’
Long said that an ‘add a home’ subscription feature that Netflix in March began testing in Chile, Costa Rica, and Peru will be expanded to Argentina, the Dominican Republic, Honduras, El Salvador, and Guatemala.
Netflix said it is aiming to have an account-sharing payment system deployed broadly by next year.
While Netflix clearly believes these changes will help it build upon its current 221.6million worldwide subscribers, the moves also risk alienating customers to the point they cancel the service.
It was previously stung by a customer backlash in 2011 when it unveiled plans to begin charging for its then-nascent streaming service, which has previously been bundled for free with its traditional DVD-by-mail service before its international expansion.
In the months after that change, Netflix lost 800,000 subscribers, prompting an apology from Hastings for botching the execution of the spin-off.