Netflix crisis? On Wall Street, the US giant’s share price fell by 14%, disappointing expectations for subscribers’ growth in the quarter.
Netflix is in a state of crisis, with the giant closing the quarter with a downturn. On Wall Street, the title of the most famous VoD streaming service fell by 14%, with revenues of 3.91 billion against estimates of 3.94 billion. Below expectations was also the increase in subscribers, which grew by only 5.2 million worldwide compared to 6.2 million expected, for a current total of 130 million.
The negative result of Netflix can be attributed above all to the other competitors OTTs, first of all Amazon which, thanks to the Prime Video service, continues to be the main antagonist of the Reed Hastings company. Also not to be underestimated is YouTube, which launched YouTube TV in the USA in March 2017. On the social networks’ front, ventures out to the TV’s world Instagram which has recently given its users the opportunity to upload videos lasting an hour.
Now Netflix aims to recover by betting on content. After $90 million for the fantasy played by Will Smith, Bright, the American giant has closed the contract for Six Underground, a film directed by Michael Bay (Transformers) for which a budget of $125 million is expected.
