Netflix subscriptions are canceled worldwide. Is the reason economic? Tired of Netflix?

According to the news compiled by BBC Turkish; 16 million people subscribed to Netflix in the first three months of 2020 as coronavirus restrictions spread rapidly. It was good for people to get away from the news full of uncertainty and fear, albeit a little.

But now the restrictions have been lifted and the world has opened up. Are we tired of Netflix too? This is the biggest fear of the broadcasting platform, which has been popular and growing for years.

“I think there are better subscription offers now”

American artist Paul Weiner, 28, says he really enjoyed the platform when he first subscribed to Netflix and was happy to be able to watch old shows like Star Trek.

But Weiner says Netflix has changed, and he thinks the series he produces are mostly poorly written.

Wiener sausages “Some of my favorite shows have left Netflix. I think there are better subscription offers now.” says.

Hundreds of thousands of people, like Weiner, have canceled their memberships in recent weeks.

The company announced Tuesday that it missed targets in the first quarter of the year, with its shares falling 35 percent and its market value down $54 billion.

The competition increased

Netflix first introduced the always-on TV experience to audiences in 2007. Netflix, which uploaded hundreds of series and movies to the platform at once, entered popular culture very quickly.

However, companies like HBO, Disney, Apple and Amazon quickly followed the same path, and the competition suddenly increased.

Journalist Tufayel Ahmed, who writes about the entertainment industry, “Netflix was loved for bringing together and showcasing popular series from other production companies like Friends rather than their own productions.” says and continues:

“But these production companies are now getting their series and films from Netflix and showing them on their own platforms. Netflix needs to fill that gap, too.”

Netflix has been investing heavily in its own series lately. The most popular productions among them are Bridgerton, Squid Game and Sex Education.

However, Ahmed says Netflix’s devaluation is inevitable at this point as many competitors emerge willing to invest at the same level.

People lose interest

The number of Netflix users started growing very rapidly in early 2020.

However, media analyst Mark Mulligan from research firm MIDiA Research notes that the market’s vitality in the Corona period is actually misleading that people have more time and money because they have to stay at home.

Mulligan, now “Time and people’s interest peaked and began to decline” transmits.

Subscription prices go up

After Covid-19, the global economy had a hard time recovering. All over the world, prices and the cost of living for people began to rise.

Netflix, on the other hand, has opted to increase subscription prices rather than decrease them during this period. The users are not satisfied with this decision either.

Natalie Walters, 38, from London, said the price increase “unacceptable” It says it’s gone and switched to a lower subscription.

Peter Biggins, 55, says he made the same choice.

Biggins“I’ve been a member of Netflix since the beginning. Some shows are good, but now there are too many options.” says.

Biggins also doesn’t find the statement that the digital broadcasting platform intends to prevent password sharing to prevent account sharing among users in the first place.

Aram Asai Munoz, a law student in Chile, is one of those who think like Biggins.

Munoz, who shares his subscription with his mother, father and sister, who have lived in different houses for years, says he can cancel his membership if such a request is made.

Munoz says the membership price has almost doubled compared to when he first started using Netlix, adding that compared to other bills that have to be paid, that cost is a huge luxury.

Growth targets are reviewed

A study of Netflix users in the US found that 11 percent use shared subscriptions, 85 percent use fully paid subscriptions, and the rest use free trial subscriptions.

TV analyst Julian Aquilina says the policy of raising subscription prices might reassure the company, although it’s not popular with users.

Eagle, “Netflix is ​​a very good product and people continue to use it. I don’t think it will go away anytime soon. On the other hand, the company’s growth goals are being reviewed, it’s not yet known how many people will be members in the future .” says.

Similar news

Add Comment