Netflix Value Drops By $50 Billion In Less Than 24 Hours

Netflix have announced a number of major changes to the online TV and film streaming service of late, which have not gone down well with consumers. 

In January, the company announced that there would be a major price hike to all tiers of the service. While it stated recently that it is considering the addition of a new lower tier complete with adverts for those hardest hit by the increase, it seems the move was all too late for those who had already cancelled their subscriptions. During this financial quarter Netflix reported a net loss of 200,000 subscribers when the company had previously predicted a net gain of 2.5 million. 

Netflix also recently revealed the trailer for the fourth season of Stranger Things which you can see in the video below.



Netflix has blamed customers password sharing between multiple households for its recent loss in revenue. Last April, it announced that it would be ramping up measures to prevent people from sharing their accounts outside of their homes. The announcement that the company would begin charging more for those who wanted to share access with friends and family, also led people to cancel their subscriptions this financial quarter. 

Now as reported by Comic Book, Netflix saw record losses of $54 billion on Wednesday (20 April) - one of the biggest reported losses in the market’s history. After reporting the net loss of followers for the quarter, Netflix shares closed out at $226.19.

In the company’s quarterly earnings call CEO Reed Hastings said "I know it's disappointing for investors, and it is for sure, but internally, we're really geared up, and this is like our moment to shine. This is when it all matters. And we're super focused on achieving those objectives and getting back into our investors' good graces."

Netflix continues to blame password sharing for its financial losses and have stated that solving this issue will be the key to getting back on top.

Topics: Netflix, TV And Film