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Netflix tumbles as investors abandon “at home” stocks

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Netflix finds itself in Wall Street’s hot seat as markets reassess the diminishing growth prospects of so-called “pandemic stocks.”

It was the darling of Wall Street, as millions switched from the office to home, and chucked Netflix on the TV for background noise between zooms.

But now the streaming video service lost some $US40bn in market capitalisation after releasing results Thursday night that projected growth of just 2.5m subscribers in the first quarter.

That’t the slowest rate of expansion in over ten years, and a big change from the 55 million extra subscribers who signed up over recent years.

Netflix shares finished 21.8 per cent lower, a similar level to that experienced Thursday by Peloton, which recovered some of its losses.

And Just Like That

Such sell-offs are a particularly brutal manifestation of a market dynamic that’s been going on for months in stay-at-home equities, whose investment thesis has worsened with the lessening risk of pandemic-caused lockdowns.

Just ask Peloton, which was hit by not just gyms reopening, but a major disaster for its brand played out on the new streamed show, And Just Like That.

In a memo to staff late Thursday, Peloton Chief Executive John Foley said, “rumors that we are halting all production of bikes and treads are false.” But Foley said the company was “resetting our production levels for sustainable growth.”

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Technological terror: China reveals uncanny AI romance film

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As competition intensifies in the streaming landscape, with players like Roku, Vizio, and Samsung launching their ad-supported platforms, TCL aims to carve its niche by offering compelling original content.

TCL, the renowned Chinese smart-TV manufacturer, announces its innovative use of generative artificial intelligence to produce original content for its streaming platform, TCLtvPlus.

Debuting this summer, “Next Stop Paris,” an AI-driven love story, marks the inaugural program from TCLtvPlus Studios

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Grindr application cruises into court over privacy concerns

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Grindr faces lawsuit over alleged privacy breaches

Grindr, the popular gay dating app, is under fire in London as hundreds of users claim their private information, including HIV status, was shared without consent. The lawsuit alleges commercial use of sensitive data, sparking concern within the LGBTQ+ community. Grindr vows to defend its practices while emphasising its commitment to user privacy and compliance with data regulations.

 

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The TikTok ban was just passed by the House. What could happen next?

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Washington D.C. has been under pressure to ban the popular Chinese-owned social media app TikTok.

TikTok users could soon find that the popular social media service is either under new ownership or could be outright banned in the U.S.

Calls are growing louder from many lawmakers and national security hawks to ban TikTok, over fears the app could censure content, influence users, and give Americans’ personal data to Beijing.

But the Chinese tech company, ByteDance—which owns TikTok— denies the allegations.

Dave Levinthal, the Editor-in-Chief of Raw Story joins Veronica Dudo to discuss.

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