Netflix Lost $17 Billion in Value
Netflix is known for being one of the world’s top streaming services but with Disney+ launching later this year, the closer we near, the more people seem to be leaving Netflix.
In fact, recent reports have shown that Netflix Lost $17 Billion in Value in the Last 72 Hours and people are fearing the end of Netflix is near.
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Netflix has had a rough year and to help keep with the demand of their Netflix Originals, they have increased prices several times already but that isn’t flying with long-time customers. Instead, people are ditching the streaming service altogether.
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And just this past Thursday, Netflix’s 2nd quarter earnings/losses were reported and the Netflix valuation dropped $17 billion after the company reported disappointing second quarter subscriber growth after the market close on Wednesday.
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Netflix’s stock slumped 10.3% to $325.21 per share during Thursday trading, marking its worst single-day percentage drop in three years. Compounding matters, the $17 billion hit in its market capitalization was the biggest single-day drop in Netflix’s history.
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Just a day before, Netflix reported only 2.7 million new customers signed up during Q2 which fell about 2.5 million subscribers short of Wall Street’s expectations.
The company even lost subscribers with 126,000 U.S. accounts dropping the service so far this year. Netflix, in its letter to shareholders, blamed the the loss on its recent price hikes.
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Honestly, I cannot agree more, I’ve always said that Netflix would be better off offering a cheaper monthly plan and having more people sign-up and stay rather than increasing prices and making customers leave.
While some people believe the end is near for Netflix especially with Disney+ launching in a few months, others believe this is a small bump in the road for Netflix.
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So, what do you think? Will Netflix be a thing of the past soon? Are you still a Netflix subscriber?
