Investors in Netflix as well as top executives at the streaming media company are alarmed at how earnings and stock prices have plummeted in recent months, while subscribers have been fleeing in droves. At the beginning of 2022, Netflix shares were going for about $600 apiece. As of May 2, the price was around $200 per share.
Various theories have been proffered as to why this is happening. Some accuse competitors such as Apple TV and Amazon of spending big money on quality programming that they know they will never recoup just for the sake of picking off viewers from Netflix. Apple, Amazon, Disney and others have far more to offer than just streaming services to their loyal customers -- everything from laptops, iPhones and cloud services to online retail and amusement parks. They may well use some high quality streaming series or movies as the digital equivalent of supermarket loss leaders.
And then there's the epidemic of password sharing that has plagued Netflix for years. Estimates are that as many as one third of its viewers are not paying for the service, but have a friend or relative who shared their password to grant access. Netflix has announced steps to crack down on this practice in recent months.
"Churn" is an industry term that means customers binge watching a few series they really want to see, then canceling their subscription within a few weeks or days. This phenomenon has also hurt Netflix.
All of these are contributing factors, but I have a different theory. It has to do with both entertainment overload and disgust at the gratuitous sex, violence and depravity that permeate Netflix's offerings. First, there are untold types of entertainment coming in a variety of formats and suitable to many different personality types.
Not everyone wants to shell out the money for a streaming service to see the likes of Bridgerton, Better Call Saul or Game of Thrones. Many people are more into sports (e.g., NFL Sunday Ticket), or content to see older movies on Hulu, or may wish to spend their spare time on other pursuits -- online gambling or porn, video games, or maybe just streaming music. Some of these people may be feeling a budget pinch due to inflation, and when it comes to saving by cutting costs, axing Netflix and other superfluous entertainment is a no-brainer.
There may even be a sense among the overly saturated and hyper-stimulated public that the excessive violence and raunchy fare of Netflix is bad for the soul. Regardless of whether they have religious faith or any belief in a supreme being, many may well have qualms and self-doubt about marinating in nihilistic rot day in, day out. It's the spiritual and psychological equivalent of being on a week-long bender, or pigging out on nothing but fast food for several days while getting no exercise whatsoever.
Among conservatives, there could also be a growing awareness that we should definitely not be giving financial support to companies dominated by uber-rich leftist elitists. I have said for years that conservatives need to boycott the likes of Facebook, Instagram and Twitter (until Elon Musk came along); maybe the boycott will start with streaming services and move to social media.
The over-exposed, tired act of Barack & Michelle may also be turning people off. It disgusts me that Netflix has showered multi-millions of dollars on these two overrated, elitist narcissists. I don't begrudge people their wealth -- IF they actually worked hard to earn it and don't flaunt it while sanctimoniously lecturing others about climate change or the social justice du jour.
In my jaded view, the insufferable community organizer and his whiny ingrate wife are frequently wagging their fingers at Americans for polluting with internal combustion engines and laying down the ubiquitous "carbon footprint," or scolding us about so-called "systemic racism" and the need for "equity." Yet they own several massive mansions across the country and are building a new one in Hawaii. They regularly jet around the world to be with other beautiful people. And as far as diversity and social justice for people of color, why, Barack sure does hang out with a lot of lily white liberals!
Self awareness has never been a strong point with Democrats. But smugness and bull-headed beliefs, as well as hypocritical projection, are ever present. Even the inevitable shellacking coming up in November may not be enough to smack some common sense into these miserable people. Nor will plunging Netflix stock prices. Oh well, live and learn... or maybe not.
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