While I do enjoy watching the circus of people on social media pretending this is the fall of Netflix due to the "go woke go broke" principle I think this is just the market correcting itself.
Netflix was THE name in streaming services Pre-Covid. Then a bunch of key things happened to make that no longer the case.
- Most importantly people were laid off due to the pandemic. Meaning people all across the US and the world at large needed to suddenly watch what they were spending and they needed to do it IMMEDIATELY. Meaning that cable bills were among the first to go because they are the easiest "luxury" to cut. Everyone went to the comparably cheap streaming services get their fix. Netflix being the largest among them at the time. So Netflic saw a MASSIVE influx of new subscribers in a relatively short amount of time which caused their future estimates to investors to be way off.
- Disney Plus was only launched in November of the previous year when all the Covid BS began. It was still in its relative infancy compared to Netflix so it was not as big of a draw. But as time has gone on the value that Disney has made with its content as well as its bundle has pulled people away from Netflix. It's bundle is basically a steal compared to what you get from Netflix now from around the same price.
- Many other outlets have stepped up since then to try and fill the rush of people trying to avoid cable bills and find their entertainment through streaming. Peacock, Motortrend, Apple TV, Paramount+, YouTube TV etc etc.
- Netflix canceled fan favorite shows to save money and conform to new deals.
- Netflix raised its prices
- Netflix lost key draws to companies who took shows away from them once contracts expired so that those shows can be shown on their own streaming services.
- Services like Disney+, Hulu, and Apple TV begin to produce their own attractive self made content that is of higher quality and bigger draw for a similar price as Netflix.
Along with about a dozen other factors. All of this leads to Netflix no longer being the most popular kid on campus. Their original estimates are off not having compensated for the rise of other services, their own stupidity when it comes to their own original content, and now their absolute moronic desire to clamp down on their customers ability to share their accounts with immediate family or friends.
TL;DR: Netflix is not going to die. It's just going to be the 3rd or 4th player in the game. Not the 1st.
