Netflix just lost $18 billion in value, oof
Topics: Netflix, TV And Film
Featured Image Credit: Netflix
Topics: Netflix, TV And Film
Netflix is one of the industry's most popular streaming services, however, as of late, it’s not been all that plain sailing, to say the least.
Over the years, Netflix has put out some absolute bangers in the world of movies and TV products. Shows like Stranger Things, Black Mirror, You, Wednesday and more are all a reason why subscribers keep coming back for more. Though it may have lost a fair few subscribers with all the popular shows it keeps on cancelling.
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However, other unpopular decisions made by the higher-ups at Netflix concern its controversial measures cracking down on password sharing. A concept that is far less relaxed than its rivals such as Amazon Prime Video and Disney+.
So how much are these seemingly bad decisions costing Netflix? Well, if we’re judging the streaming platform on a single-day loss, quite a lot, apparently. In a tweet shared by entertainment news curator, TheDiscFather, Netflix lost a reported and eye-watering $18 billion in a single day. Yikes!
At the time of writing, Netflix is worth an estimated $194.45 billion, so $18 is a huge sum to lose, even by Netflix standards. If the company keeps losing money like this, it surely won’t keep the fat cat shareholders happy.
On the flip side, it’s not all doom and gloom for Netflix. As reported by Financial Times, despite initially losing subscribers as a result of the infamous password-sharing crackdown, Netflix has recently gained nearly six million new subscribers.
In related news, Netflix reportedly cancelled a $30 million project before it was even released. No wonder it’s been losing money! In most positive news, Netflix subscribers can claim one of 2023’s best video games for free, none other than Oxenfree II: Lost Signals.
Only time will tell what the recent losses mean for Netflix, but I doubt we’ll be seeing the back of the streaming service anytime soon.