Netflix cancels in-production titles after subscriber loss and stock price plunge

[Sherman A1]

Netflix is already making moves after the distressing news it had lost 200,000 subscribers in the first three months of this year, resulting in a stock price plunge which wiped billions off its market value.

While the streaming company flagged it would introduce a cheaper ad-supported subscription option and crack down on the common practice of password sharing, executives also hinted that it would be cutting back on content spend.

The first casualty of that cost-cutting appears to be its animation slate with The Wrap reporting Netflix has ousted the head of its animation department, Phil Rynda, and with him several staff members and in-production projects.

The most anticipated of the cancelled titles is Bone, an adaptation of Jeff Smith's beloved quest comic series. There have been attempts to adapt Bone to either TV or film since the late-1990s with the Netflix version confirmed in 2019.

https://www.nzherald.co.nz/entertainment/netflix-cancels-in-production-titles-after-subscriber-loss-and-stock-price-plunge/D7D6GVK6RRNM5HRZIS6SNNBUBA/

[jimfields33]

1. I think they are reacting to dramatically right now

I’d wait another quarter and see if the bleeding stops. Russia and Ukraine could account for the 200K.

[bif]

6. I heard they dropped 700,000 Russian accounts

And gained 500,000 elsewhere. Which accounts for the 200,000 loss.

[callous taoboy]

2. Netflix streaming quality sucks.

Not HD at all. Except for a few series, the content leaves a lot to be desired most of the time as well.

[Sucha NastyWoman]

3. This should be a lesson for all of us.

If the jack up the price, cut them loose if you can.

[vanlassie]

4. People are going back to work.

[Sherman A1]

5. Yes, they are and that is one of the variety of reasons for current situation at Netflix

They have also raised prices, pulled out of Russia, there is much more streaming content available and I am sure more than a few others. I currently have a subscription, but that may not be forever.

[Midnight Writer]

7. Cutting services while raising prices. Classic.

[bif]

8. They still have quite a bit of content.

Granted, my queue is down to about 45 movies, but that's still a lot of viewing.

[Fla Dem]

9. The number of streaming services have grown so much in the past year.

I’m sure that has an impact as well. When it was just Netflix, HBO and Amazon, those were the services everyone flocked to. But large variety of services available, as well as the major networks also offering streaming services, viewers are picking and choosing their services.