Netflix is undoubtedly the biggest streaming giant. Starting from just a DVD mailing company, it had unprecedented growth in the last 10 years. But quite recently, the streamer has not been doing very well. The streamer just recently reported a huge fall in its stock prices this Tuesday. Its shares fell by 26%. To add salt to the wound, Netflix has also lost 200,000 subscribers in the first quarter. It had expected an increase in the numbers, but the results were quite the opposite. When a publication shared an article about Netflix’s current state, billionaire entrepreneur Elon Musk took to Twitter to share his own opinion. According to Elon, it is because of the “woke mind virus” that is killing off the platform.
The woke mind virus is making Netflix unwatchable
— Elon Musk (@elonmusk) April 20, 2022
This is the first time in 10 years that the company has experienced a setback. The company last made a huge blunder in 2011 that cost it too many subscribers.
Is the woke mind virus really making the streaming service unwatchable?
Elon thinks that’s the real problem. He even agreed with other tweets that stated the virus was the biggest threat to civilization and that the content is no more original.
Not just Netflix. Movies in general, videogames, tv, it's all infested with current year trend woke garbage for fear offending a green haired freak next to the ban button.
Nothing original anymore at all, except for media coming out of places like Japan or Korea,ironically
— Niche Gamer (@nichegamer) April 20, 2022
Woke mind virus is the biggest threat to the civilization
— Pranay Pathole (@PPathole) April 20, 2022
Whereas @ZackJerryRig has a completely different opinion.
Ah, definitly the woke mind virus and not the 5 other major streaming services that have popped up during the last few years. I'm sure Disney and HBO have nothing to do with it. 🤦♂️
— JerryRigEverything (@ZacksJerryRig) April 20, 2022
In fact, he’s partly correct because the streamer did reveal the numbers in its letter to the investors. The company is indeed facing stiff competition from Disney+, HBO Max, and other streaming platforms. Not to mention the pandemic was a tough time for the production house due to delays in shoots and production which resulted in lesser content. Netflix has also blamed geopolitical events like Russia for the loss of subscribers. The streamer had suspended its services in the country. Apparently, it lost 700,000 subscribers after the exit. Also, it has pointed out password sharing that has resulted in many freeloaders.
What does Netflix plan to do next to retain the subscribers?
The company plans to monetize the household and reduce the number of freeloaders. It is also flirting with the idea of a cheaper ad-supported model. The streamer now has 221.6 million subscribers. It earned a total revenue of $1.6 billion this quarter which is less than what it earned last year – $1.7 billion.