The company blames many factors for its subscriber exodus, including competition and widespread password sharing. Now, 200,000 out of 221 million global subscriptions may seem like little more than a rounding error, but consider that the service was expected to add 2.5 million new users in the first three months of the year - a low bar that had already spooked investors in January.Īs if that wasn’t bad enough, Netflix said it expects to lose another 2 million in the current quarter. Netflix said Tuesday that it lost 200,000 subscribers in the first quarter of 2022. (NFLX) - once the untouchable king of streaming - has gone from “what’s next?” to “what now?” “What worked until this point may not be working anymore,” Michael Nathanson, a media analyst at MoffettNathanson, told CNN Business. And they’re wondering what the future of the company - and all of streaming - might look like. Once bullish experts and analysts who viewed Netflix as the linchpin of a transforming entertainment industry are now concerned about its growth going forward. Simply put, Netflix’s terrible 2022 has now become disastrous. And this was after the company’s stock had dropped more than 40% year to date. The news shocked Wall Street and sent shares plummeting 35% Wednesday morning, wiping out $50 billion in market cap. The company reported Tuesday that it lost subscribers for the first time in more than a decade. Call Eleven and Sheriff Hopper of “Stranger Things,” because Netflix’s world has been turned upside down.
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