After enjoying a long reign as the king of streaming, Netflix faces a tough fight to keep its crown.
For the first time since the incorporation of the streaming platform, Netflix has lost subscribers back to back in two quarters. While it lost 2,00,000 subscribers in the first quarter, it reported the loss of almost a million subscribers in the second quarter of 2022. The result of this has been devastating for the company, with its shares falling roughly 67 per cent this year. What followed was major budget cuts and layoffs and now the company is doing everything in its power to get back in the game.
The two major reasons for the disappointment of consumers in Netflix are its unreasonably high rates and constantly decreasing quality of content. To save face, Netflix has decided to tackle both. In a game of Who Stares Wins, Netflix finally blinked to introduce ads and has partnered with Microsoft to create cheaper subscription plans. These plans will contain ads and will be introduced in the mature markets first. Microsoft will be in charge of creating and overseeing the advertising platform.
The platform has also introduced spatial audio, a 3D audio technique that uses dynamic head-tracking to produce a more immersive soundscape for a “theatrical” experience, in partnership with German audio brand Sennheiser. The feature has been rolled out for 221 mn of its subscribers that they can use by typing “spatial audio” into the search bar and selecting from the list of content that supports it.
Netflix is also going the Walt Disney way by aiming to create original franchises that people can come back to over and over again, worlds that don’t just generate revenue through their sequels and spinoffs but through merchandise, games, theme parks and so on.
We’ll have to wait to see if consumers once again pick up the popcorn and chill with Netflix.
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