The bad news keeps coming for Barack Obama’s favorite streaming service.
Netflix has reportedly placed dead last among streaming entertainment services when its comes to customer value satisfaction, signaling continued rough waters ahead as the far-left-wing company struggles to hold onto subscribers.
The results are part of a survey of 2,460 U.S. consumers conducted by Whip Media for its 2022 Streaming Satisfaction Report, according to a report in Variety. Netflix ranked last among the nine streamers considered for the report when it came to customer value satisfaction, with 62 percent of Netflix subscribers feeling “very satisfied” or “satisfied” with the service.
— Variety (@Variety) June 28, 2022
HBO Max placed first, with customer satisfaction at 85 percent, while Disney+ came in second at 83 percent. Netflix even ranked behind Apple TV+, which had 63 percent customer satisfaction.
Netflix still retains the top spot when it comes to must-have streamers, with 31 percent of subscribers saying they would keep the service if they could only have one video subscription, according to the report. But even by that measure, Netflix dropped 10 percentage points from last year’s survey, while HBO Max and Disney+ both gained ground.
The survey showed that Netflix’s recent price hikes were the main reason customers said they canceled their subscription, with 69 percent of former Netflix customers saying the price increases led them to drop the service.
Netflix recently axed an additional 300 employees worldwide, or about 3 percent of its workforce — the company’s largest layoff since its subscriber downturn in the first quarter.
In May, the streamer laid off 150 employees, or 2 percent of its workforce, as part of its ongoing efforts to cut spending amid a catastrophic subscriber forecast for the months ahead. Netflix said it could lose up to 2 million subscribers in the coming months after unexpectedly losing 200,000 customers in the first quarter of the year.
Customers are abandoning Netflix in droves as the streamer faces competition from Disney+, HBO Max, and other services launched by legacy studios. Subscribers are also growing increasingly fed up with Netflix’s left-wing programming that has pushed woke politics and embraced former first couple Barack and Michelle Obama, who have a production deal with the streamer.
Netflix shares dropped more than 5 percent Tuesday and are down a staggering 70 percent for the year so far.