Has The Streaming Kingdom Collapsed? Netflix Suffers Another Blow

Exactly one month after launching, CNN+ shut down. The streaming service aspired to fall in the footsteps of heavy hitters like HBO Max, Disney+, Paramount+, and the one that started it all: Netflix.

Unfortunately, Netflix isn't having a great week either.

The streaming giant – which launched in 1997 – announced that in the first quarter of 2022, it lost 200,000 subscribers, a disclosure which sent its shares plummeting 35% and shedding roughly $50 billion in market capitalization.

So, What Exactly Happened?

Netflix had plenty of answers for where the subscribers went: citing increased competition as a significant problem. Additionally, Netflix made a decision to drop all its subscribers in Russia because of the war in Ukraine.

Beyond streaming competition and international conflict, other problems that besiege the company include: lifting pandemic restrictions means fewer people are home watching Netflix, password sharing, and desirable content jumping ship to other streaming platforms.

Peacock took The Office. HBO Max took Friends. Disney+ took everything else. Does Netflix really stand a chance?

With competitors offering both original content and lifelong classics, Netflix will have to rethink the streaming game they made popular in the first place.

Netflix dominated how we thought about consuming movies and TV at home and how we talked to each other. “Netflix and Chill” entered the vernacular, and perhaps that will always be what we call it, even when we're watching HBO Max.

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