Netflix Animation has taken the brunt of the company’s recent difficulties the hardest.
Several Netflix episodes and movies have already been cancelled as a result of the company’s ongoing subscriber and financial difficulties.
According to The Wrap, Netflix has cancelled a number of upcoming projects. It’s no secret that troubles with Netflix, which has seen its stock price and user base fall since January, have particularly hurt the company’s animation division.
Netflix said yesterday (April 21) that it has lost 200,000 customers since the beginning of 2022, and we covered that story here. Withdrawing from Russia because of the conflict in Ukraine has lost it an extra 700,000 viewers (per Reuters). Netflix anticipates that it would lose another two million paying members before June 2022, which caused the company’s market value to drop by $50 billion as a result of this information (per BBC).
With its first loss of subscribers in more than a decade and a steep drop in the value of its stock, Netflix seems to be taking preemptive measures to avoid additional financial upheaval. And this involves the cancellation of several, ongoing initiatives.
According to The Wrap, Netflix’s Director of Creative Leadership and Development for Original Animation, Phil Rynda, was fired earlier this week, along with several of his team.
Not only that, but numerous in-house animation projects, including an adaptation of Roald Dahl’s The Twits, were cancelled by the streaming behemoth in addition. In addition to Jeff Smith’s acclaimed Bone animated series and Lauren Faust’s Toil and Trouble, the streamer abruptly cancelled many more projects.
Discarded aren’t merely eagerly anticipated Netflix programmes. According to What’s on Netflix, Netflix titles like Bright 2, a sequel to the Will Smith-starring fantasy picture, have been removed off the streaming service. The Oscars slapgate event in 2022 is likely to be a factor in Bright 2’s cancellation, since Smith physically assaulted Chris Rock on stage. Prior to the event, we had reported that Netflix and Sony had halted production on Will Smith projects. Netflix, on the other hand, told Bloomberg writer Lucas Shaw that the termination of Bright 2 had nothing to do with Smith’s Oscars brawl.
It’s not known how many more Netflix shows and movies will face the same fate. Stranger Things, The Witcher, Arcane, and Squid Game, to name a few, seem to be safe for the time being.
There are concerns that fresh, in-development films and television series may not get the attention that they deserve. Netflix, on the other hand, has shown in the past that it isn’t afraid to axe popular shows if the situation warrants it. Archive 81 and The Dark Crystal: Age of Resistance have our attention.
This item will be updated as soon as we hear back from Netflix about our request for more comment.
Netflix’s future is bleak, according to a recent report.
Netflix is going through a rough patch right now. It’s true that the streaming service is still the most popular in the world, but recent membership losses and a significant drop in market share have taken their toll.
Competition from Disney Plus, Prime Video, and HBO Max is putting a strain on Netflix There is no longer a monopoly on the streaming market held by Netflix due to the competition from the three streaming services. In addition to Apple TV Plus’ expanding importance in the streaming sector, Netflix’s dominance of the streaming market is diminishing with time, thanks to its recent Best Picture Oscar triumph against Netflix.
Even if you don’t live in the UK, rising costs of living are hurting Netflix’s customer base. Households are being forced to make difficult decisions about their spending habits as the cost of food, gasoline, and electricity rises throughout the globe. Every time a person has to choose between feeding their family or heating their house, Netflix will always lose.
On top of all that, the business has decided that it would tighten down on home password sharing. As of a few weeks ago, Netflix has declared that it would no longer tolerate its customers sharing their account information with relatives or friends who reside abroad. To avoid this, Netflix has begun testing a new paid service called “Add an Extra Member,” which allows account users to pay an extra $2.99 per month to let individuals living at another location to access their account. A number of Reddit users have expressed their displeasure with the decision in recent days and weeks.
Netflix’s ability to bounce back from these losses is still up in the air. Yes, the streaming service has a worldwide customer base of 220 million. We hope these troubles are just temporary, that the next Netflix success will convince customers to return in the future and start paying for Netflix again.
Netflix, on the other hand, can’t dispute that the seas are rough right now. Its next measures might determine whether or not it can regain the support of its viewers, or whether things will only grow worse from here on out.