A recent report put out by Reviews.org shows nearly 1 in 4 of those surveyed plan to leave streaming giant Netflix this year, after the company lost nearly 1.2 million subscribers in the first two quarters of this year.
The report finds most customers are leaving the platform because Netflix is raising its rates, with sparsity of content being another major concern:
“Nearly two-thirds of respondents cited Netflix’s increasing cost as a reason for leaving. And it makes sense:
- Netflix's Basic one-screen plan went up by 11% in January 2022 for the first time in three years.
- Meanwhile, Standard and Premium plans increased 20% and 25%, respectively, in the same time period.”
Netflix will surely have to respond to these serious concerns — their future as the de-facto leader of the streaming world may depend on it. Other platforms like Hulu, Disney +, and Amazon Prime video may significantly close the gap.
While the survey doesn't cover “wokeness” as a motivating cause for many leaving the platform, the company has felt compelled to respond to cancel culture — implying wokeness is a fiduciary concern for Netflix. Back in May, Netflix circulated the following “Culture Memo” — possibly in response to many of Netflix's wokest employees trying to cancel comedian Dave Chapelle, whose comedy special on the platform generated strong reactions from the trans community:
“‘Not everyone will like — or agree with — everything on our service.
While every title is different, we approach them based on the same set of principles: we support the artistic expression of the creators we choose to work with; we program for a diversity of audiences and tastes; and we let viewers decide what’s appropriate for them, versus having Netflix censor specific artists or voices…
Depending on your role, you may need to work on titles you perceive to be harmful. If you’d find it hard to support our content breadth, Netflix may not be the best place for you.”
All in all, while we can only speculate on the true cause of Netflix's drop in fortunes, one thing is for sure — if you go woke, odds are, you will end up broke. Netflix did well to respond to these legitimate concerns early, as it may have caused a lasting negative impact on the company.