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. 

https://twitter.com/elonmusk/status/1516600269899026432?s=20&t=WifBM9fXouVPR4PsbnUTYA

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. 

Whereas @ZackJerryRig has a completely different opinion. 

https://twitter.com/ZacksJerryRig/status/1516635463078973442

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.