A few things:
- Growth stocks will drop and keep dropping as interest rates increase, NFLX does not make money and is classic growth, the companies valuation is $30-50B at best and I expect it to fall to that level.
- Like others have said NFLX's content currently is terrible, alot of their hit shows have either ended or are on hiatus due to the pandemic.
- Their monthly prices are high and given the above point households are throwing out the trash so to speak and nothing NFLX has supports a $20 monthly subscription.
- Supporting kid porn like "cuties" made alot of people mad, unsure why they chose this position but its just shooting themselves in the foot.
Price increases in the middle of an unprecedented glut of content on so many other competing services, and a lot of strong competition. It’s not surprising. They also need more editing, there is a lot of good content on Netflix but there is so much crap it’s hard to find.
I think the issue is simply that we again had publishers trying to start their own platforms and withdraw a lot of content. Some with success like Disney.
But I otherwise sympathise with what Musk writes, content might be more enjoyable if we could tune that down a bit.
They seem to be wiping out all the gains from the last 2 years but are still up 55% over 5 years.
It's pretty simple the content sucks.
It's a problem a lot of streaming services have.
What an astonishing take from musk, quite shocking that the billionaire son of apartheid diamond magnates dislikes wokeness.
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Netflix is churning out an insane amount of content that is background noise at best and barely watchable at worst.
They also lost a lot of face defending “Cuties” - which was basically kiddie porn disguised as an art house film.