by Georgia Kirkendall
Once the go-to for binge watching and overall chilling, Netflix has experienced overwhelming decline, hitting the bottom this year with a resounding thud. Globally, Netflix has lost 200,000 subscribers, with the predicted loss of another two million within the next few months. With shares falling by 35%, the formerly popular entertainment industry has lost a whopping $50 billion, and without prompt reparations costs will continue to grow.
It may seem surprising at first glance that the renowned television platform is struggling, yet with analysis it comes as a wonder how Netflix remained afloat until this year. Netflix states that the majority of subscription loss came as a result of the war in Ukraine, as 70,000 accounts in Russia were suspended. However, there are various other factors that seem to have a large-scale detrimental effect that the company has experienced of late. Monthly prices have steadily increased for subscriptions, causing subscribers to second-guess the need for the platform, and the majority of those who do pay for the program share their account with friends and family. According to Netflix estimates, 100 million households from around the world use the service primarily through password sharing.
Also, the shows lack originality. Mainstream shows like The Office and Friends have left Netflix for competing streaming services, such as Disney+ and HBO Max. Don’t let the sheer volume of Netflix originals fool you. These shows have been rightfully critiqued as moronic and plainly silly. For instance, there has been a shift toward reality TV, with shows such as Love is Blind and Selling Sunset. Just seeing previews for these shows makes me doubt the productivity and overall intelligence of the human race. Add true-crime documentaries and cooking competitions like Is It Cake? and I’m left with no hope for the future. It’s obvious that Netflix is prioritizing quantity over quality, and the repercussions are all too evident in this past fiscal quarter report.
In response, the desperate streaming service is taking numerous steps to up its game. Netflix is trying to successfully charge extra for password sharing privileges, with the goal of rolling out the charges universally by the end of the year. Netflix has also reported that it would decrease its expenditures on such things like originals. For lower prices, subscribers will soon be able to watch Netflix shows and movies with ads. Personally, I will be keeping my full subscription to the service. If you’re willing to sift through the mass of flimsy, less than stellar series, then there are still a few golden nuggets worth watching.