After years of growth, the streaming giant revealed a shock fall in subscribers. But is it really downhill from here?
, first seen exclusively on Channel 4 and then shown by Netflix, reaped renewed popularity when it returned to C4 for a second series.
Any documentary about Netflix’s fortunes, however, could not yet chart a dramatic downward path. For a start, a chunk of its financial instability can be put down to the shutting down of its Russian service following the invasion of Ukraine, and to the fact that most of those in the west who want to join Netflix already have.
So perhaps this is all a category error? That’s what some analysts argue, anyway. We have wrongly assumed that Netflix is a tech innovator simply because its extraordinary expansion prompted many media empires to copy it, including Disney, Warner Brothers, NBC and Paramount, to say nothing of Amazon and Apple. But Netflix is not really founded on tech: it is just an entertainment provider that became a production studio – and that is always a very precarious business.
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