It is the weekend again, we all have our Netflix and Chill plans right? Of course, we do, what is a better way to spend the weekend anyway, right?
We love Netflix; the entertainment portal has given us so many shows that we instantly fell in love with.
But it looks like the end of Netflix is going to come soon as in the first quarter the company has lost a major amount of subscribers just in the USA and has only gained half of the subscribers they had predicted to get worldwide.
On Wednesday night they saw their earnings and according to the same, the company has had a major loss for the first time in the US alone.
And as far as the worldwide subscription is concerned, they only had a hike of 2.7 million paid customers which is just half of the target they had in mind.
After the report was out, the stocks of the company went down by 10% and there are chances of them going even down as there has been a loss of 126,000 just in the US disregarding of the fact that they had expected a gain of about 352,000 subscribers form the country.
While speaking to the Investors this Wednesday, CEO of Netflix, Reed Hastings said that even though they are experiencing a loss in the subscribers’ base in the US but they still have a humongous subscriber base worldwide.
He says that in China alone there are 700 million households that are using cable TVs and they can be transferred to Netflix with ease.
All they have to do is understand the power of the internet and keep their trust in it. He then asked if they have enough content to show to these countries.
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