In 2022, Netflix canceled most of its original content. Things haven’t improved in 2023, and the streaming company has cut its content, leaving over 100 pieces of content that have fallen by the wayside. In accordance with BloombergThe company released 130 fewer originals last year than it did in 2022. For the first time in history, Netflix released less content than ever, with a 16% drop.

There are some factors that have prompted Netflix to cut back on production. On the one hand, the rise in the cost of streaming, which has affected all platforms, hence the rise in prices or the ban on sharing accounts. On the other hand, writers state that hit the entire television and film industry last year.

This is an important change for the company as Netflix, being the flagship of the streaming industry, has been increasing its releases year after year for the past five years until now. In fact, the number of its releases fell both in all quarters of last year and cumulatively from year to year. In 2022 the company has canceled most of its own contentYes, but there was still more content released in overall numbers than in 2021. It was in 2023 that this trend was missed for the first time.

Netflix’s strategy is working

And the decline has affected every type of content it produces, from television series, films and documentaries to another key production: comedy and monologue shows, especially popular in the United States. In fact, the final quarter of last year was the weakest for releases in the last five years.

In terms of its most popular content, series, Netflix released about 60 fewer series in the second half of 2023. a drop of approximately 25%. This shouldn’t surprise anyone. Netflix has been announcing its intention to streamline its products and cut costs for some time now.

But the most interesting thing in all this is that neither the drop in new content, nor the rise in prices, nor the ban on shared accounts affected the company’s performance. Netflix in 2023 added 16 million customers in the first nine months. And cancellations are happening slower than new registrations, so anyone can say their strategy is working for now.

Source: Hiper Textual

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