The party’s officially over at Netflix following a disastrous first quarter that saw the far-left streamer lose 200,000 subscribers and predict the loss of a whopping 2 million more in the months ahead.
The streamer also threw obscene amounts of money at A-list talent to entice them to make Netflix their creative home. Ryan Murphy is estimated to have been paid as much as $300 million and has yet to produce a bona fide hit for the company.
Going forward, Netflix will prioritize programs with the biggest return, not the biggest reach, according to the. A key internal metric for success will be the ratio of a program’s viewership to its budget. “We should right-size budgets depending on what the creative dictates and what the size of the audience is,” a Netflix executive told the newspaper.
Netflix is also looking to lower its costs when licensing shows it doesn’t own from outside studios and production companies. One studio executive with multiple shows at the streamer told thethat in some cases, Netflix is looking to reduce budgets on new shows by as much as 25 percent. Netflix now has to compete against streamers with more resources at their disposal, including Disney and Amazon. To that end, the company expects to spend more than $20 billion this year on content.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What the Hell Happened to Netflix?Netflix lost 200,000 subscribers this quarter and expects another 2 million will flee by July. How did this happen? KevinTDugan writes
Read more »
Joe Rogan Claims Spotify Subscriber Base Has Increased Despite ControversiesJoe Rogan claimed on his podcast Friday that his subscriber base has grown in recent months despite the controversies surrounding him
Read more »
Netflix mulls major changes amid loss of subscribersThe streaming service says it lost 200,000 subscribers last quarter.
Read more »
New Jersey Spending $21M on Projects to Fight Climate ChangeNew Jersey is spending $21 million on projects to help fight climate change, including purchasing electric trucks for some municipalities and handing out grants for projects to restore salt marshes, sea grass beds, forests and other areas.
Read more »
As shares plunge, Netflix takes aim at password sharing, adsStreaming service Netflix is dealing with a sharp drop in subscribers by considering changes to its service that it has long resisted.
Read more »