Netflix has lost more than 400,000 subscribers in the United States and Canada alone
Netflix blames Covid-19 for the slump
In a letter to shareholders, the company says it added just over 1.5 million subscribers in the second quarter of 2021, which is up from its forecast of 1 million.
But, by comparison, Netflix added 4 million new subscribers in the first quarter of this year, which was significantly down from its prediction of 6 million.
The Asia-Pacific region is carrying subscriber growth for the company at the moment, accounting for two-thirds of new memberships in the second quarter.
Netflix also says the lower number of new subscribers can be partially attributed to higher numbers last year resulting from pandemic lockdowns.
The streaming giant is anticipating numbers to jump back up in the third quarter of 2021.
This all follows numerous other streaming-based companies seeking to merge in a bid to take on Netflix.
Streaming is here to stay – and grow… and grow
WarnerMedia and Discovery have announced plans to merge, with Amazon also purchasing MGM for more than $8 billion.
U.S Tech insider Pavlina Oska told ticker earlier that streaming wars between the major players will continue to heat up
Adidas faces potential $320M Yeezy shoe write-off post-Kanye split
Adidas is contemplating a significant financial blow as it considers writing off $320 million worth of Yeezy shoes following its separation from music and fashion icon Kanye West.
The sportswear giant’s decision to sever ties with West’s Yeezy brand has left a mountain of unsold merchandise, threatening to dent the company’s balance sheet.
The partnership between Adidas and Kanye West, which began in 2013, had been immensely successful, with Yeezy shoes becoming a highly sought-after fashion statement.
However, recent controversies and disagreements between West and Adidas prompted the sportswear company to distance itself from the celebrity designer.
The massive inventory of Yeezy shoes now presents a dilemma for Adidas, as it grapples with finding a solution to deal with the surplus stock. A $320 million write-off could significantly impact the company’s financial performance in the short term.
Adidas is currently exploring various options, including discounting, donating, or repurposing the unsold inventory to mitigate the financial hit.
Warner Bros discovery warns of Hollywood’s ‘real risk’ post-strikes’
Warner Bros Discovery, has issued a stark warning regarding the ‘real risk’ that Hollywood faces in the aftermath of the recent strikes that have taken a considerable toll on the industry’s financial health.
The strikes, which disrupted film and television production for several weeks, resulted in substantial financial losses for studios, production companies, and countless industry professionals.
Warner Bros Discovery emphasised the necessity for a resilient and adaptable approach to navigate the ongoing challenges and uncertainties facing the film and television sector.
The conglomerate stressed the importance of implementing measures to mitigate such risks in the future, which include fostering better labour relations and contingency planning to safeguard against potential disruptions.
The message underlined the need for the industry to adapt to the evolving landscape of content creation and distribution, particularly in the digital era.
This warning from Warner Bros Discovery highlights the need for the entertainment industry to recognise the ever-changing dynamics and economic challenges, and the importance of preparedness to maintain its prominent position in the global market.
MrBeast’s monumental 100 African wells sparks controversy
Philanthropic YouTuber MrBeast, known for his outlandish and extravagant charity stunts, recently financed the construction of 100 wells in Africa, providing clean drinking water to thousands of people.
While the philanthropic gesture is commendable on the surface, it has ignited a wave of controversy and criticism from various quarters.
Critics argue that MrBeast’s approach, although well-intentioned, might not be the most sustainable solution to Africa’s water crisis.
They question the long-term viability of these wells, raising concerns about maintenance and local ownership. Some have even labelled it as a publicity stunt, arguing that it merely scratches the surface of a much deeper issue.
On the other hand, MrBeast’s supporters laud his efforts in raising awareness and mobilising his enormous following to contribute to a worthy cause. They argue that any effort to alleviate the water crisis is a step in the right direction.
In the end, whether MrBeast’s 100 wells in Africa are a game-changing philanthropic success or a mere spectacle remains a subject of intense social debate.
Will the travel boom continue in 2024?
Moody’s downgrades China credit outlook, cites growth concerns
Australia Post to shift to alternate-day mail delivery
Crypto.com accidentally transfers $10.5m to woman instead of $100
What is happening between SHIB and Vitalik? | TICKER VIEWS
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
Tech1 day ago
Amazon taps SpaceX for satellite launch, bypasses Bezos
Leaders5 days ago
Transforming Diversity with Impactful Passion
News2 days ago
Will TV regulation become irrelevant in the future?
News1 day ago
UK introduces tougher visa rules to curb immigration
News6 days ago
‘Endlessly Generous’: Tributes Pour In as Henry Kissinger Passes Away at 100
Tech2 days ago
Sam Altman and Elon Musk’s feud revealed
News2 days ago
The reason petrol is suddenly cheaper
News3 days ago
COP28: Global effort to phase out fossil fuels