The era of ease has officially ended at Netflix. The streaming pioneer announced that it had added just 500,000 subscribers in the first quarter, even excluding losses from its Russian operations. In the upcoming second quarter, it predicted a worrying loss of 2mn users.
By way of comparison, in 2020 Netflix added 37mn subscribers. Profits and cash flow have always been scant but were tolerated because the company could point to an expanding user base around the globe.
Now despairing boss Reed Hastings is making moves that could alienate already skittish subscribers.
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