The company reported Tuesday that it lost subscribers for the first time in more than a decade. The news shocked Wall Street and sent shares plummeting 35% Wednesday morning, wiping out $50 billion in market cap. And this was after the company’s stock had dropped more than 40% year to date.
Simply put, Netflix’s terrible 2022 has now become disastrous. The company alluded to that Tuesday, saying it will focus more on “how best to monetize sharing” in terms of passwords. And last month Netflix said that over the last year, it’s been working on ways to “enable members who share outside their household to do so easily and securely, while also paying a bit more.”
“While we won’t be able to monetize all of it right now, we believe it’s a large short- to mid-term opportunity,” the company said Tuesday. Read the full story HERE.