Friday, March 29, 2024

Netflix Cancels Shows Amid Massive Subscriber Loss

Netflix
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*Netflix has canceled a number of animated shows and reportedly fired several executives following the company’s highly publicized subscriber loss.

The streaming service recently announced a loss of 200,000 users over the first three months of 2022. 

We reported earlier, via CNN, that the streaming giant, whose stock had already dropped more than 40% year-to-date, blamed the attrition on increased competition for viewers and Russia’s invasion of Ukraine. Netflix said its decision to pull out of Russia cost the company 700,000 subscribers.

This has prompted Netflix to cancel certain animated shows, such as the highly anticipated adaptation of the “Bone” comic series. 

READ MORE: Netflix Loses 200K Subscribers! – Collapse A Warning Sign for Stocks | VIDEO

The animated adaptation of Roald Dahl’s “The Twits,” and Lauren Faust’s “Toil and Trouble” were also canceled.

Netflix is cutting back on animation and putting all projects in development on ice, according to reports.

Meanwhile, amid the massive loss of subscribers, several executives have reportedly been canned, including Phil Rynda, Netflix’s Director of Creative Leadership and Development for Original Animation, alongside many of his staff.

Netflix has projected a loss of another two million subscribers during the April to June quarter.

It is unclear how many series and films are set to be axed, but its biggest hits are safe, such as “Stranger Things,” “The Witcher,” “Arcane” and “Squid Game,” per the report. 

Netflix is reportedly spending $30 million dollars per episode on “Stranger Things” season 4. 

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