Netflix recently reported a massive dip in its subscriber count for the first time in 10 years. The streaming platform has lost 2,00,000 subscribers in the first quarter of 2022. Netflix pointed out that stiff competition and password sharing are partial to be blamed for this result. The company further estimates that it might lose another 2 million subscribers in the next quarter. While it was a major disappointment for Netflix, billionaire Elon Musk seemed to troll the company for it.
Netflix subscriber count dips: Elon Musk responds
Responding to the Netflix news, the billionaire CEO of SpaceX and Tesla tweeted saying, “The woke mind virus is making Netflix unwatchable.”
The woke mind virus is making Netflix unwatchable
— Elon Musk (@elonmusk) April 20, 2022
Further, he even agreed with a Twitter user who stated “Not just Netflix. Movies in general, videogames, tv, it’s all infested with current year trend woke garbage for fear offending a green haired freak next to the ban button. Nothing original anymore at all, except for media coming out of places like Japan or Korea, ironically ~cwb”
Notably, Elon Musk did not specify any particular names of the movies or shows on the platform. For the unversed, Musk has 82 million followers on Twitter and is quite active about a lot of topics.
Netflix reveals factors that slowed down the growth
In a letter to shareholders, Netflix wrote, “Our revenue growth has slowed considerably. Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward.”
According to Netflix, dependency of growth on uncontrollable factors like the adoption of broadband, password sharing, the arrival of new streaming platforms like Disney+, Amazon Prime Video and more led to the slow growth of the platform. It also blamed macro factors that include “sluggish economic growth, increasing inflation, geopolitical events such as Russia’s invasion of Ukraine, and some continued disruption from COVID are likely having an impact as well”.
Netflix’s subscriber count has decreased for the first time in 10 years. The company believes that competition and password sharing are partially to blame for this, but it also believes economic factors such as “sluggish economic growth, increasing inflation, geopolitical events like Russia’s invasion of Ukraine,” and COVID are