Netflix shares fell more than seven percent on Wednesday as the streamer faced more bad news about its subscriber outlook, including a new study showing that long-term Netflix customers are abandoning it in significantly larger numbers.
Another study found that consumer interest in Netflix’s original content is lagging behind the competition.
Shares of the far left-wing Netflix dropped more than seven percent Wednesday and slid further in after-hours trading amid a widespread market sell-off that hammered other technology and entertainment stocks including Amazon and the Walt Disney Co.
Wednesday’s losses mean Netflix shares are off a staggering 70 percent for the year so far.
As Breitbart News reported, Netflix is seeing a sharp rise in the number of long-term customers cancelling their subscriptions, signaling a new threat to the left-wing streamer’s financial stability.
The woke mutiny at Netflix is escalating, with the streamer reportedly firing an unidentified employee for leaking confidential data on comedian Dave Chappelle to a news organization. https://t.co/g7OmHF23Ws
— Breitbart News (@BreitbartNews) October 16, 2021
The data, from the research firm Antenna, showed that consumers who had been Netflix subscribers for more than three years accounted for just 5 percent of total cancelations at the start of 2022, but that figure jumped to 13 percent in the first quarter of 2022.
A separate study found waning consumer enthusiasm for original Netflix content.
As reported by Business Insider, Parrot Analytics said in its quarterly streaming report that global demand growth for Netflix’s original series plateaued over the last year as competitors upped their game.
“As demand for Netflix originals and the entire catalog continues to fall domestically and globally while demand for originals on other services grows, Netflix has to refocus its content strategy to extract the most value from every series ordered,” the Parrot Analytics report said.
Netflix is now facing a shareholder lawsuit accusing executives of misleading the public about the company’s subscriber growth.