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For years now, Netflix has had a license to print money and a lock on dominating streaming services. But now, that’s all changing.
As far as streaming services go, they started out with the pole position, being the only game in town. They had the whole enchilada, and that dominance was theirs to lose. All they had to do was to give the customer more of what they wanted.
Spoiler alert: that is not what they gave the customer.
The company went woke.
Then again, what should we have really expected when they hired an Obama acolyte for the board and then gave the Obama family some big-dollar deals?
Now they are proving the old adage, get woke, go broke.
Netflix suffered its first subscriber loss in more than a decade, causing its shares to plunge 25% in extended trading amid concerns that the pioneering streaming service may have already seen its best days.
The company’s customer base fell by 200,000 subscribers during the January-March period, according to its quarterly earnings report released Tuesday. It’s the first time that Netflix’s subscribers have fallen since the streaming service became available throughout most of the world outside of China six years ago. The drop this year stemmed in part from Netflix’s decision to withdraw from Russia to protest the war against Ukraine, resulting in a loss of 700,000 subscribers. —CBSNews
That’s not all. They’re expecting another drop of 200k in the next quarter, too.
That all sounds big. But with megacorps, it’s hard to make sense of numbers unless you’ve got some kind of context. What does that mean for the company’s bottom line?
If the stock drop extends into Wednesday’s regular trading session, Netflix shares will have lost more than half of their value so far this year — wiping out about $150 billion in shareholder wealth in less than four months. —CBSNews
Netflix losing half of its value? How unfortunate. Things are falling down around their heads like a House of Cards.
What could possibly explain this setback?
Could there be one or two decisions Netflix execs may have made along the way to help make this happen?
Decision one: Programming
Rule One when serving a customer base is ‘give the customer what they want’. At some point, the original economic mandate Netflix had to give their customers shows they enjoyed at a price they could afford gave way to a political mandate of fundamentally transforming culture.
They’ve been all-in on every political bandwagon to come around in the last few years.
Well, it turns out that cramming a woke agenda down the throats of their customers is NOT what many of their customers had signed up for.
Not only has Netflix been full-throated in their support of every single Dem issue to come down the pike over the last few years — even getting little kids to twerk on camera — but they have also taken every available opportunity to trash and insult every Republican position at the same time.
As the New York Post observed in 2019, Netflix had become little more than a cultural extention of Obama’s own political agenda.
This rhetorical styling is a perfect example of the elite prevarication that the media spent eight years praising as “presidential.” Now it’s back as part of Netflix’s hard sell, transforming film culture into television-streaming culture — flattering its 175 million subscribers’ sense of advancement — all the while hewing to liberal-progressive sentiment.
“The best propaganda is that which, as it were, works invisibly, penetrates the whole of life without the public having any knowledge of the propagandistic initiative,” a famous historical figure once explained. And the Obama imprimatur — like those reading lists and favorite streaming-music lists that the press likes to cite as celebrity news — works similarly. Upcoming films (dubious “storytelling”) from Higher Ground amount to a cultural manifesto. Hollywood partisanship is peddled as what used to be called social consciousness.
…“American Factory” reveals another angle of the mainstream media’s political slant since 2016. The media have been anxiously awaiting a message from the Mount Kalorama compound, the Obamas’ exclusive and wealthy enclave. None dare call it what it is, but Netflix’s Higher Ground mindhive looks like the new Ministry of Propaganda. —NYPost
Customers don’t like being insulted, and they are voting with their feet.
But there is another reason, one that’s a little less obvious.
Decision Two — Be careful who you vote for
Netflix has done their best to push Democrat issues and culture, to move the needle against team MAGA while supporting team Biden.
Now that the elites in their ivory towers have got what they wanted, the country is proving that ‘elections have consequences’.
Inflation has been devastating to many long-term subscribers.
Thanks to Biden’s economy, and wry jokes about needing a bank loan for a tank of gas, there just isn’t as much money to throw around on worthless luxuries like streaming services with Anti-American tendencies.
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