Netflix has started cancelling multiple shows and movies as the streaming giant losses a large number of followers. According to The Wrap, the video streamer has pulled the plug on several Netflix shows under development with the company’s animation department being hit the hardest by the recent subscriber and financial problems.
The company announced that it had lost 200,000 subscribers since the start of the current year, while streaming giant’s pulling out of Russia over the war in Ukraine has also cost the company an additional 700,000 viewers. Netflix estimates that it will lose another two million paying subscribers before June 2022.
Furthermore, the company’s market value has also plummeted by $50 billion, according to BBC. Therefore, Netflix has moved to end cancel several projects that were in-development in order to deal with the huge loss of subscribers as well as the slump in the valuation of its shares so the company can combat further financial instability.
The report also states that Netflix has also let go of its Director of Creative Leadership and Development for Original Animation, Phil Rynda, alongside several of his staff this week. Moreover, the streaming giant has cancelled several in-house animation projects, including an adaptation of Roald Dahl’s The Twits, which was a highly-anticipated animated series based on Jeff Smith’s beloved comic book series, Bone.
Additionally, Netflix has also dumped Bright 2, a sequel to Will Smith’s fantasy flick released back in 2017. However, there are many speculations that the project was let go because of the Oscar’s incident, which saw Will Smith slap Chris Rock live on stage, but Lucas Shaw, a reporter for Bloomberg states that cancellation of Bright 2 is unrelated to the incident.
It is still unclear on how many Netflix TV series and movies are set for cancellation at the moment. However, it is safe to assume that some of the streaming giant’s biggest hits like Stranger Things, The Witcher, Arcane, Squid Game, and more will be safe .
Netflix states that a big part of its problem stems from password and account sharing between households. According to the company, this is a real problem and a critical factor for “creating a revenue growth headwinds.” Netflix estimates that over 100 million households worldwide are using shared Netflix accounts, including more than 30 million in the U.S. and Canada.
We’ve always made it easy for people who live together to share their Netflix account, with features like separate profiles and multiple streams in our Standard and Premium plans.said Chengyi Long, the Director of Product Innovation at Netflix
While these have been hugely popular, they have also created some confusion about when and how Netflix can be shared.
As a result, accounts are being shared between households — impacting our ability to invest in great new TV and films for our members.”
As a result, Netflix is cracking down on password sharing and the company has announced a feature that will charge users if they want to share their passwords with anyone outside of their households. The company is testing this feature in Chile, Costa Rica, and Peru.