With more subscribers than any competing platform, thousands of shows and production hubs in cities around the world, Netflix has dominated streaming for years.
But the US company’s share price ‘tumbled’ after announcing this week that it had lost 200,000 subscribers worldwide in its last financial quarter, and expects to lose millions of them. others over the next three months, said The Guardian.
The news “triggered a flurry of response efforts”, with some questioning the company’s future profitability.
Netflix was launched in the United States in 1998, but it wasn’t until 2007 that the company “came up with the idea of changing the way we watch everything,” said Quartz. Streaming would transform Netflix from an online DVD rental business competing with Blockbuster into an on-demand entertainment service for American audiences.
“The imminent death of the company” had been predicted many times in previous years, but streaming was to give Netflix “a foothold in the embryonic world of Internet movie distribution,” said The New York Times.
Its territories grew rapidly, with Canada, Latin America and the Caribbean getting Netflix in 2010. The UK was expected to wait until 2012 – and when the platform finally arrived, the company faced the fierce competition from rivals Lovefilm and Sky. Movies, said the BBC.
But Netflix was confident it could win over UK audiences. Managing director Reed Hastings told the broadcaster: “Compared to each of our competitors, we have different differentiators, but Netflix is very focused on streaming and we do it very well.”
Within weeks of launch, UK performance had “exceeded expectations with faster subscriber growth than the company saw when it launched in the broadly comparable Canadian market,” it said. The Guardian.
The company began creating original content in 2010, with American political drama Card castle among the first of its productions to air in 2013. “If Netflix wanted to come out strong from the gates as a content provider worthy of any cable channel, it’s chosen a stellar choice,” said Hollywood journalist.
The company’s investment in ratings data and its algorithm also meant that while other studios were testing pilot episodes, Netflix “already knew ‘the show would be popular’ and immediately signed on for two seasons. “, said Business Models Inc. This idea has allowed the service to keep viewers hooked with a seemingly endless supply of content tailored to their tastes.
This week, the second season of Bridgerton “settled its battle for supremacy” with the first season to become the most-watched English-language show in its first 28 days, said Independent wire. Squid Game holds “the overall championship record”, with 1.65 billion hours of the show aired in the first four weeks of its release. “The extent of squid gamethe popularity of is truly amazing,” Netflix said.
stranger things, The crown and You better call Saul have also helped cement the success of the streaming platform over the years, as have award-winning films including The power of the dog, Ma Rainey’s Black Bottom and Don’t look up. An Oscar win for Rome director Alfonso Cuarón in 2019 “was a turning point in the streaming industry’s dominance over the entertainment world,” said The Telegraph.
However, the company is now in “deep depth”, with “fear of further misfortunes to come”, the newspaper said. Many viewers access the platform for free with other people’s account details, and some said the subscription was too expensive as they faced rising household bills.
“Can Netflix Escape Its Own Blockbuster Moment?” says the newspaper. “How [CEO Reed] Hastings moving forward marks the biggest challenge yet for Netflix.