Netflix is on the verge of bankruptcy as millions of users begin fleeing the platform due to the “woke” agenda constantly promoted by the streaming giant.
In a grim letter to shareholders last spring, the far-left streaming service projected that two million users would cancel their membership by the second quarter.
The huge loss in users comes after Netflix took a massive hit at the beginning of this year by losing 200,000 subscribers.
“Our revenue growth has slowed considerably, as our results and forecast below show,” the report warned.
“However, our relatively high household penetration — when including the large number of households sharing accounts — combined with competition is creating revenue growth headwinds.”
Dailymail.co.uk reports: Even Netflix boss Reed Hastings was forced to admit during a conference call about the results: ‘It’s tough losing a million subscribers and calling it a success’.
The company has previously blamed its slowdown on increased competition from rivals including Disney+, Apple TV and Now TV during the Covid pandemic, the inflation crisis largely created by Putin’s war in Ukraine which is now squeezing the budgets of millions of households on both sides of the Atlantic, and its decision to curb account-sharing.
Founded in 1997 by Hastings and Marc Randolph, Netflix enjoyed a decade of uninterrupted expansion when it began producing original content including The Crown, House of Cards, Orange is the New Black, Squid Game, Bridgerton and Sex Education.
Analysts believe that Netflix was probably spared from deeper losses by the ongoing popularity of Stranger Things, its science fiction/horror series that debuted in 2016, Ozark and Squid Game. It also continues to finance high budget films such as The Gray Man starring Ryan Gosling, Chris Evans and Ana de Armas, costing more than £166million ($198 million USD).
But other experts believe that viewers have switched off due to ‘woke’ content such as such as He’s Expecting, which depicts a man who becomes pregnant, and Meghan Markle’s ill-fated project Pearl and Dr Ibram X Kendi’s Antiracist Baby. It is also believed Netflix’s crackdown on password-sharing has helped to fuel the exodus from its service.