Netflix stock took a major plunge this week and they are losing subscribers at an alarming rate. Some people are attributing this development to the company going too woke.
Consumers are bombarded with left-wing political messaging in entertainment and many have clearly had it.
From Bloomberg News, via Yahoo Finance:
Netflix Rout Is Worst Since 2004, Punishing Roku and Disney, TooNetflix Inc. investors punished the company for its shock loss in subscribers and abrupt turnabout to embrace advertising after years of shunning it.Shares of the streaming leader plunged 35%, erasing $54 billion of market value in its biggest drop since 2004. The swoon made Netflix the worst-performing stock of the year on both the benchmark S&P 500 and Nasdaq 100 indexes and sent shock waves across the media universe, sinking Warner Bros. Discovery Inc., Roku Inc. and others.Netflix is seeking ways to stop a loss of subscribers and combat investor fears that its best days are over. Co-founder Reed Hastings had said for years that he doesn’t want to offer advertising and had no problems with password sharing.But the company is changing course after losing 200,000 customers in the first quarter, the first time it has shed subscribers since 2011. Netflix also projected it will shrink by another 2 million customers in the current quarter, a huge setback for a company that regularly grew by 25 million subscribers or more a year. Netflix also will curb its spending on films and TV shows in response to the customer losses.
Elon Musk weighed in on this. Via FOX Business:
Elon Musk rips Netflix for ‘woke mind virus’ making it ‘unwatchable’ as shares nosediveTesla and SpaceX CEO Elon Musk ripped Netflix as having a “woke mind virus” that makes subscription streaming service “unwatchable” Tuesday as shares took a nosedive.”The woke mind virus is making Netflix unwatchable,” Musk tweeted Tuesday night, responding to Slashdot’s tweet about Netflix’s shares cratering by 20% after the company reported it lost subscribers for the first time in more than 10 years.By Wednesday morning before market open, Netflix shares were down by 27%. The Wall Street Journal reported Wednesday that Netflix shares were on course for their worst day in nearly a decade.
This has been building for quite a while, you may remember a controversy from the fall of 2021, when Netflix was roasted for a movie about little girls in a twerking dance troupe called “Cuties.”
Here’s a new offering from the service:
It’s worth noting that Netflix signed a deal with the Obamas in the spring of 2021.
From Variety:
Barack and Michelle Obama Sign Netflix Production DealNetflix has secured a deal with former President Barack Obama and First Lady Michelle Obama to produce series and movies for the streaming service. The former first couple will, according to an announcement Monday from the company, potentially work on scripted and unscripted series as well as docu-series, documentary films, and features under the multi-year deal.
Why pay extra for woke programming when it’s available for free everywhere?
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