In a week where Netflix Inc. reported its first subscriber loss in a decade – and sent media stocks cascading – the flameout of CNN+ will add to the growing doubts about the public’s previously unquenchable hunger for streamed films and TV shows. While CNN+ surpassed 100,000 subscribers in its first week, it had hurdles to surmount, including new leaders who have vowed to aggressively cut costs and focus on a single streaming service.
Andrew Morse, who led CNN+, will leave after a transition period. Alex MacCallum, general manager of the service, will run CNN’s digital operations. The service will cease operations on April 30, according to a statement on Thursday. Customers will receive prorated refunds of their subscription fees.Zaslav has talked about making HBO Max the flagship of the new company’s effort to compete with Netflix. As a standalone app, CNN+ didn’t fit into that vision.
The decision to shut down the service follows the shocking drop in subscribers reported this week by Netflix. The streaming leader lost 200,000 customers in the first quarter and expects a further decline of 2 million in the current period, sending its stock into a nosedive.Shares of Warner Bros. Discovery fell 6.8% to $21.45 in New York, in part over continuing skepticism about the future of online TV following Netflix’s surprise subscriber decline.
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