According to The Mirror, NETFLIX plummeted nearly 40% on Wall Street burning 58 billion in market cap and losing 200,000 subscribers earlier this month. Hence the consequences: according to The Mirror, NETFLIX is thinking of canceling many series and films to contain the losses.
NETFLIX is also considering a low-priced, ad-supported subscription to prevent further subscriber flight and attract new ones, according to the Wall Street Journal. The projections speak of a loss of millions more by June 2022.
According to The Wrap, NETFLIX is running for cover and has limited the production of many series and films. Some of the titles cut include the comic book series adaptation of Roald Dahl's The Twits and Lauren Faust's Toil and Trouble.
NETFLIX and its history
NETFLIX was founded by Reed Hastings and Marc Randolph on August 29, 1997 in Scotts Valley, California. In 2014, Netflix expanded its film and television production and online distribution. Its headquarters are in Los Gatos, California.
Further offices were later created in the Netherlands, Brazil, India, Japan, South Korea, Spain, France, the United Kingdom, Germany and Italy. It is among the major streaming platforms for movies and TV series along with Prime Video, Disney +, Crunchyroll, HBO Max, Hulu, Paramount + and Peacock.
It started out as a DVD rental business, although Hastings put aside sales about a year later, and video games. Users could reserve the discs via the Internet, receiving them directly at home via the postal service. Since 2008 the company has activated an online streaming service on demand, accessible through a special subscription, which soon became its main field of activity, while in 2011 the disc rental service was spun off, being offered by the subsidiary.
Qwikster. Netflix entered the production industry in 2013, unveiling its first series, House of Cards. Since then it has greatly expanded the production of films and TV series, offering original NETFLIX content. It released around 126 original series or movies in 2016, more than any other network or cable channel.
In 2020, Netflix reached around 180 million subscribers worldwide. The market capitalization exceeds $ 150 billion. He is a member of the ECMA International standardization organization.