Netflix's stumble a warning sign for streaming industry?

Its loss of subscribers and market value crash come as rivals are racing towards the Netflix model

New: Gift this subscriber-only story to your friends and family

Many entertainment executives, tired of playing catch-up to a Silicon Valley interloper, have been waiting for the comeuppance of Netflix. But this may not have been the way they hoped it would happen.

Netflix said this week that it lost more subscribers than it signed up in the first three months of the year, reversing a decade of steady growth. The company's shares nose-dived 35 per cent on Wednesday while it shed about US$50 billion (S$68 billion) in market capitalisation.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on April 23, 2022, with the headline Netflix's stumble a warning sign for streaming industry?. Subscribe