Business Maverick: Netflix Tumbles as 200,000 Users Exit for First Drop in Decade

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 84%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Losing customers for the first time in a decade, Netflix Inc is throwing out all of its old rules.

The streaming leader will introduce a cheaper, advertising-supported option for subscribers in the next couple years, and will start to crack down on people sharing their passwords even before that. Netflix also will curb its spending on films and TV shows in response to the customer losses.

Hastings and co-Chief Executive Officer Ted Sarandos had previously dismissed the company’s slowing subscriber sign-ups as a speed bump related to the pandemic, which had accelerated Netflix’s growth in 2020. But the company’s growth hasn’t returned to pre-pandemic levels.Management pointed to four causes, including the prevalence of password sharing and growing competition. The company said there are more than 100 million households that use its service and don’t pay for it, on top of its 221.

All of these competitors offer advertising-supported services, or are planning to do so in the near future. Analysts and competitors have speculated that Netflix would offer advertising for years, only to be rejected by Hastings. Netflix always said its viewers preferred its service over cable TV because there were no ads. Hastings also didn’t want to compete with Google and Facebook in selling ads online. Yet he has finally relented.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Australian Election Tightens After Rocky Start to CampaignAustralian voters are turning their backs on the two major parties ahead of next month’s election, with new polling showing the center-right government and the opposition Labor Party could both struggle to win a majority in Parliament. No it hasn't - latest poll unchanged from the week before. This poll was released last night. Labor still leads 53% to 47% on 2 party preferred. Gaffe prone PM Morrison stumbling again today. Even called a journalist 'Mr. Speaker' 3 times in a news conference over the weekend!
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Le Pen Mixes Hardline Policies With Social Welfare to Widen AppealNationalist leader Marine Le Pen has never led in the three campaigns she’s run for France’s top job. But she’s finally making it close.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: China’s Property Sector Contracts for Third Straight QuarterChina’s property sector contracted for a third straight quarter, a sign that real estate was still dragging on the economy, even before the recent Covid outbreaks and lockdowns began to escalate.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Brazil Power Giant’s $14 Billion Sale Nears Make-Or-Break PointInvestors in Brazil’s state-controlled power utility Eletrobras are waiting for a key ruling that could allow the government to move forward with the company’s long-awaited privatisation plan.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Russia Defies Most Dire Economic Forecasts Despite Looming RecessionRussia’s economic crisis has lost some of its sting, buying more time for President Vladimir Putin at home as his military presses a new offensive in its war against Ukraine.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: U.K. Faces Worst Inflation Shock Among G-7 Nations, IMF SaysBritain faces the worst inflation shock of all major advanced economies over the next two years, the International Monetary Fund warned as it slashed its growth forecast. I have always hated Bitcoin and thought it was a scam until a friend referred me to _ambreymarcus1, I made my first withdrawal of R100,000 in 2 weeks thanks to _ambreymarcus1.
Source: dailymaverick - 🏆 3. / 84 Read more »