. netflix 's bad 2022 just got much worse
PHILADELPHIA — Netflix’s bad 2022 just got much worse. After shares tanked earlier this year because of concerns over its subscriber growth, the streaming leader said that it lost subscribers when it reported first quarter earnings on Tuesday.
Netflix said that the pandemic “clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward.” The company also blamed “macro factors” that are affecting many companies right now, such as “sluggish economic growth, increasing inflation, geopolitical events such as Russia’s invasion of Ukraine, and some continued disruption from Covid are likely having an impact as well.”The company’s bad report is likely to roil the streaming market given that so many other firms have changed their business strategies to compete with Netflix.
The company added that it’s “doubling down on story development and creative excellence” and that it launched the “double thumbs up” tool that will allow members to “better express what they truly love versus simply like.”“Sharing likely helped fuel our growth by getting more people using and enjoying Netflix. And we’ve always tried to make sharing within a member’s household easy, with features like profiles and multiple streams,” the company said.
Another place that could help increase revenue and attract more subscribers for the service is advertising.
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