Netflix is already canceling several shows and movies after its recent subscriber and financial issues.
According to The Wrap, the streaming giant has unplugged many Netflix shows in development. The company’s animation department has been hardest hit by the issues currently plaguing Netflix, which has suffered a decline in market value and subscriber base since the start of the year.
Yesterday (April 21) we reported on Netflix’s announcement that it had lost 200,000 subscribers since the start of 2022. Additionally, the streaming company’s recent pullout from Russia due to the war in Ukraine cost him an additional 700,000 viewers (per Reuters). Netflix estimates it will lose another two million paying customers before June 2022 – news that has knocked the company’s market value down by $50bn (per BBC).
As it counts with its first loss of subscribers in more than a decade, as well as a huge drop in the valuation of its shares, Netflix has apparently decided to proactively fight against further financial instability. And that means canceling several projects in development.
According to The Wrap’s report, the director of creative leadership and development for Netflix original animation – Phil Rynda – was fired, along with numerous members of his staff, earlier this week.
Not only that, but the streaming giant has also canceled numerous in-house animation projects, including an adaptation of Roald Dahl’s The Twits. A highly anticipated animated series based on Jeff Smith’s beloved comic book series Bone, as well as Lauren Faust’s Toil and Trouble, were other productions unceremoniously dropped by the streamer.
But it’s not just the highly anticipated Netflix series that have been scrapped. Netflix movies, including Bright 2, a fantasy film sequel starring Will Smith, have also been dropped by the streaming company, according to What’s on Netflix. Bright 2’s cancellation is likely to have closer ties to the 2022 Oscars slapgate incident, which saw Smith physically assault Chris Rock live on stage. We previously reported that Netflix and Sony pulled out of Will Smith projects in development following the incident. But, according to Lucas Shaw, Bloomberg reporterNetflix claimed Bright 2’s cancellation had little to do with Smith’s Oscar showdown.
It’s unclear how many Netflix TV series and movies are similarly scheduled for the chopping block. However, it looks like some of the streamer’s biggest hits – Stranger Things, The Witcher, Arcane, and Squid Game to name just four – are all safe.
It looks like new movies and shows in development are in danger of falling through the cracks. But, as we’ve seen before on Netflix, the streaming giant isn’t averse to unplugging fan-favorite productions if deemed necessary. We’re looking at you, Archive 81 and The Dark Crystal: Age of Resistance.
We’ve reached out to Netflix for additional comment on the above and will update this story if we get back to you.
Analysis: Tough Times Ahead for Netflix
These are certainly tough times for Netflix. Sure, the streaming company is still the biggest such service in the world, but there’s no denying it’s been rocked by recent subscriber losses and a major drop in market share.
Netflix faces increased competition from Disney Plus, Prime Video and HBO Max. The streaming trio also offers value for money and high-quality entertainment for viewers, so Netflix no longer has full control of the streaming market as it once did. Add to that the growing influence of Apple TV Plus in the streaming industry – Netflix’s recent Best Picture Oscar nomination is sure to have caught the eye of Netflix executives – and Netflix’s dominance. in the streaming market decreases over time.
The skyrocketing cost of living in some countries, such as the UK, has also had a negative effect on Netflix’s subscriber base. As food, fuel and energy prices rise around the world, households are having to make tough choices about where to spend their money. If it’s a decision between feeding your family/heating your house or continuing to pay for Netflix, there’s no contest: Netflix will lose every time.
And then there’s the company’s decision to crack down on password sharing between households. Netflix recently announced that it will no longer turn a blind eye to subscribers freely sharing their account information with family or friends who live elsewhere. To prevent this, Netflix has started testing a new paid feature “Add Extra Member”, whereby account holders can pay an additional $2.99 per month to allow people living at another address to use their account. . Based on the reactions of several Reddit users over the past few days and weeks, it’s a move that’s proving very unpopular.
Whether Netflix can recover from these setbacks remains to be seen. Yes, the streamer’s 220 million global subscriber base means it should be fine for now. Netflix also hopes that these issues are only temporary and that Netflix’s next big hit will entice users to come back in the future and start paying for the privilege of re-watching its content.
There’s no denying, however, that Netflix must navigate choppy waters right now. His next steps could be crucial in determining whether he can win back viewership support, or if things will only get worse from this point on.