Netflix cancels several series because of its massive loss of subscribers

Credits: CNBC

Following the loss of 200,000 subscribers this last quarter, Netflix announced the cancellation of several series. This decision follows several other cancellations that have taken place recently. Reed Hastings, CEO of the company, now wants to offer only content that users want to see.

Netflix suffers the blow of a difficult week. On Wednesday, the platform announced the bad news: it lost 200,000 subscribers in the last quarter. A first in its history. Quickly, ideas flow to rectify the situation and keep the ship afloat. Objective number 1: find a new source of income. After months of rumors, it seems the decision took place. Soon, Netflix will offer a new cheaper subscription, but with advertisements in return .

Objective number 2: save money. For Netflix, this obviously involves the production of original content, a segment of its strategy that has become its main strength over time. A few days ago, we learned that several series would not be renewed in 2022 after the broadcast of their first season. Today, the company has its sights set on a new domain: that of animation . Indeed, several projects were nipped in the bud following the publication of the last catastrophic financial statement.

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Netflix cancels several series because of its massive loss of subscribers

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Several series currently in production have been cancelled, including the adaptation of the comics Bone, or even The Twits , the children’s novel by Roald Dahl (note that a film will still be made ). Two other series, Toil and Trouble , will also never see the light of day. Added to these cancellations is a management overhaul on the Netflix Animation side. Department manager Phil Rynda was fired this week along with other employees.

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On the side of the directors, anger is brewing. Elizabeth Ito, creator of City of Ghosts, and several of her counterparts accuse Netflix of having manipulated her data to justify these cancellations. Reed Hastings, CEO of the group, explains for his part that he wants to “do what [les] spectators want to see”, as opposed to “hosting everyone’s favorite series” advocated by Phil Rynda.

This new strategy already shows some beginnings, in particular the new category system which aims to better adapt to each user . But the latter will not please everyone. Several creators are already complaining about a promotion window that is far too short for their series or their film; not allowing them to create real expectation among the public.

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