The news: Netflix shares cratered in the wake of a massive subscriber loss, its first in more than a decade. The company posted a Q1 loss of 200,000 subscribers on Tuesday and projected it would lose 2 million subscribers in the current Q2, per Variety.
No chill: Netflix once stood alone in the streaming video segment but now has to compete with the likes of Amazon, Disney, Hulu, Apple TV+, and other networks now offering subscription-based “Plus” services.
Changing channels: Netflix’s downturn is reflective of technology services facing an expected cooldown after pandemic-fueled spikes in subscribers and users.
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