“Every major streaming company excluding Apple has announced an ad-supported service,” a note to employees stated. “For good reason, people want lower-priced options.”
Netflix stock dropped $122 in a single day and the company has only begun to figure out how it might recover.
Reed Hastings touted consumer choice as the reason for the streamer considering this pivot, not surprising Q1 subscriber losses.
The Netflix co-founder and co-CEO thanked director Evgeny Afineevsky for connecting him with nonprofit organization Razom for Ukraine.
Netflix’s $12.5 million deal for “Mudbound” out of Sundance 2017 is looking like it paid off thanks to huge streaming numbers.
“We got into a bigger situation with Cannes than we meant to,” he added.
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