Shares in Netflix have slumped dramatically, wiping more than $50 billion off the firm’s market value
The streaming giant revealed a sharp drop in subscribers and warned millions more are set to call it quits.
Netflix faces intense competition from streaming rivals, but was also hit after it raised prices and leaving russia.
From all this, It’s believed a major chunk up-to $54 billion has stripped from Netflix’s market value.
It also plans to crack down on password sharing, estimating that more than 100 million non-paying households watch the service this way.
Netflix’s shares plunged 35 per cent on Wednesday, and fell a further in opening trade on Thursday.
Even though Netflix reported its first subscriber loss in more than a decade… it’s not the case for all.
HBO and HBO Max grew to almost 77 million subscribers at the end of the first quarter this year.
Disney investors aren’t having a year as bad as Netflix shareholders, but both companies have been plagued by subscriber concerns following the surge during stay-at-home orders.
Not quite as bad as Netflix but shares of Disney have dropped nearly 15 per cent so far this year.
That makes Disney one of the worst performers in the Dow.
Despite subscriber woes, Netflix remains the world’s leading streaming service.
Netflix isn’t short of fans, with millions across the world regularly streaming their favourite Netflix originals every day
One fan was so inspired by the famous Netflix intro, he recreated it.
Stop-Motion Animator Kevin Parry made the Netflix intro with just 30 dollars worth of yarn.
