Netflix: The Reckoning
Netflix: The Reckoning
Analysts were braced for a hit, but the size suggests Netflix's reality check has finally arrived
As we were prepping an issue on some other matters, The Netflix earnings announcement hit the wires, with the historic news that The Service actually lost subscribers. Repeat: Lost.
Which is the opposite of what one would generally hope from a miracle disruptor.
Some quick thoughts on what is very much a turning point in recent Hollywood history.
As was widely predicted, this marks the official end of the tech utopian period of Netflix growth, after which it will be subject to earthbound laws of finance, profits and loses — just like a company! — rather than magical fairy dust valuations.
So looking at the implications here, first of all, let's consider the obvious one which is: I TOLD YOU! I TOLD YOU! I TOLD YOU SO!
Specifically, while the entire media was so deeply in awe of the Netflix miracle that they swallowed unquestioningly every sliver of “data” the company passed around like hors d'oeuvres at the company Xmas party.