After a decade of meteoric growth that shook Hollywood to its core, Netflix has run into a wall.
and growing competition. The company said there are 100 million households that use its service and don’t pay for it, on top of its 221.6 million subscribers. The company is experimenting with ways to sign up those viewers.
The results will have ramifications for all of the big entertainment companies. After watching millions of customers abandon pay TV for streaming, US entertainment giants have merged and restructured to compete with Netflix in streaming. Investors encouraged this strategic shift, buying shares in companies like Disney that demonstrated a commitment to streaming.
, which accelerated its growth in 2020. But its subscriber acquisition has slowed for a year and a half, and the company hasn’t reverted to pre-pandemic levels.“The big COVID boost to streaming obscured the picture until recently,” the company wrote in its letter.Netflix lost customers in three of its four regions, including more than 600,000 in the US and Canada. It blamed most of that attrition on a price increase, and said the decline was expected.
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