Netflix's decade of unchecked growth has come crashing to a halt. TVMoJoe looks at what happened to the company, and what will happen next
Photo-Illustration: Vulture; Photo by Steve Dietl/Netflix Twenty minutes after Netflix announced the shocking news Tuesday that for the first time in a decade, it actually lost subscribers during a fiscal quarter, an executive at a rival streamer texted me a very simple reaction: “ ,” he wrote. Schadenfreude via emoji may sting, but it’s the least of Netflix’s problems right now: Its stock price collapsed by more than 35 percent Wednesday, erasing more than $50 billion in value in a single day.
When the inevitable limited series about the history of Netflix gets made, this week may well end up the metaphorical moment where the director inserts a needle scratch, the action freezes, and an actor playing Reed Hastings turns to the camera and says, “So you’re probably wondering how I got here?” It’ll probably be a lot easier to answer this question with the benefit of another five or ten years of hindsight, but right now, here are a few theories on how Netflix got to this inflection point...
Problem is — and again, this is not some massively deep observation — wanting more hits and actually making them are two very different things. Netflix until now seems to have believed the best way to produce them is to throw all the money it can find at Hollywood and wait for the successes to start rolling in. It’s why five or so years ago, anybody with a hint of success in TV started getting a call from their rep saying, basically, “Netflix would like to write you a big check.
➽ Or Maybe It’s Just Old-Fashioned Stubbornness Netflix got where it is by being a classic disruptor: It totally upended the way we watched TV and pioneered the idea of a global TV network. Releasing a half-dozen new shows every week and putting out all episodes at once for audiences to binge were innovations that helped make Netflix what it is, and there’s no doubt that early on, such differentiations from traditional TV were a plus. Ditto not having advertising .
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