After losing over 200,000 customers in the first quarter of 2022, Netflix announces that it will be canceling several shows and series. The streaming giant recently experienced a drastic drop in its stock value.
Netflix recent subscriber loss is the company’s largest in more than a decade. It said it also lost 700,000 members when it suspended services in Russia, shortly after it invaded Ukraine. To make matters worse, they are expecting to lose 2 million more subscribers in the next three months.
According to this report, the company has already begun cancelling several animated projects, including adaptations from Roald Dahl’s “The Twits,” Jeff Smith’s “Bone” comic book series. and Lauren Faust’s “Toil and Trouble.”
The streaming giant’s decision to axe shows is not a huge surprise, given its history. In the past, Netflix did not hesitate cancelling popular ones that didn’t perform as expected.
As of the moment, its not clear which shows and series will be cancelled. So far, it looks like its biggest hits such as Stranger Things, The Witcher, Arcane, and Squid Game, just to name a few, are safe.
Netflix is also planning on monetizing the over 100 million estimated households that share passwords, eyeing cheaper ad-supported plans. They are currently testing the new charging scheme in three countries.