Bad times for Netflix, which recently reported losing subscribers for the first time in a decade, losing more than 200,000 subscribers in the latest quarter but expecting that subscriber loss to hit another 2 million in the coming months.
This has resulted in the streaming giant laying off 25 marketing staff to curb costs, canceling well-known series like Space Force, and most likely taking matters into its own hands with shared accounts.
Now, Hollywood creatives have told Business Insider that this crisis will force Netflix to produce higher quality original content, or cause the opposite: creative retreat.
While the company plans to spend $18 billion on content in 2022, these Business Insider conversations with nine Hollywood producers, showrunners and talent reps note that Netflix is stepping back from the glory days of its first decade as a guarantor of original content.
“I miss the days when Netflix execs had passionate projects, projects that they supported and fought for as much as any creator, and could justify it and follow their passion.”, — said the showrunner, who remained anonymous.
In any case, some representatives of Hollywood note that “this crisis is an opportunity for Netflix“and what”makes them change“.
Netflix attributed the loss of subscribers to increased competition, password sharing, and macroeconomic factors such as inflation and Russia’s invasion of Ukraine.
Source: Computer Hoy
