Netflix had a bad quarter, and it's not me who is stating this, but the reports have claimed that the platform has lost around 200,000+ subscribers recently. Indeed, the platform has acknowledged the new competitors in the market, namely HBO Max and Disney Plus
There are reports which have pulled out the stats to understand how the company was performing for nearly a decade.
Now, it has been reported that Netflix is working on the release pace of midsized films on the platform.
As per the major report by The Hollywood Reporter, it states that Netflix is not clear on what kind of content it would be interesting to focus on and make. Hence, it certainly looks forward to making this more thoughtful than it has been in past decades.
But the past decade wasn’t just about flooding the zone with content on Netflix. It was the plan to put on effort to build a library quickly, which could compete with Disney and Warner Bros.
Netflix started with the vision which was to transform Hollywood but turned out that the competitors doing the same practice are becoming giants in the industry. The major difference was that the competitors did not have lucrative franchises, huge back catalogues, and fandoms which the competitors certainly enjoyed.
Netflix is now working on making some necessary amendments like a new ad-supported subscription, for users who are willing to spend less cash in the streaming service segment. It is further said that Disney Plus and HBO Max plans will also be adding the ad supports in tiers as well.
Recently it was reported that Netflix is working on cracking down the comfort of sharing the password- a practice which has been practised across the world having around 100 million households, that do not buy additional subscriptions for using the platform.
Earlier password sharing on Netflix was not a big concern but eventually, with the gaining popularity, the brand started to get cautious. When Netflix had trouble with password sharing, there were other players like Amazon Prime, HBO Max, and Disney+Hotstar already had the policy for using the platform.
Netflix is trying to pace up with the race of OTT platforms and is working towards choosing films to make them more engaging for the viewers.
Ted Sarandos, the CEO of Netflix noted in the last earnings call that the platform will focus on “big event films”. He further stated that Netflix has spent the last couple of months quite roughly removing content like animation, original independent features, and family live-action films.
This is a must to mention that Netflix’s competitors have been showcasing the same kind of content that the platform was avoiding for years, and this is giving the competitors a boom with high rising business.