Netflix Cancels Projects Due to Financial Problems

The world’s most popular digital content platform, Netflix, recently announced that it lost subscribers for the first time in 10 years, and saw a huge decline in its shares. After that, the giant platform announced that they were ‘open’ to a subscription package that had a low price and included ads, giving the green light to what it had been opposing for years.

Also, the news yesterday showed that Netflix spent 30 million dollars per episode and 270 million dollars in total on the highly anticipated new season of the beloved series Stranger Things. However, the loss of subscribers and the decline in shares led to questioning how logical such moves were. Now, it has been revealed that Netflix has taken new steps due to the problems experienced.

Many titles canceled

According to reports by The Wrap, Netflix has stopped developing many titles. In the statements, it was noted that the animation department was the most affected by this. The reasons for these decisions were the recent loss of subscribers, the withdrawal of the platform from Russia, where it has 700,000 users, and the great decrease in its market value. In addition, it can be said that Netflix’s estimation of losing 2 million subscribers by June was also effective in this decision.

In the news of The Wrap, it was stated that the famous filmmaker Phil Ryndha, who worked as a manager in a part of the animation department, and many employees there were dismissed. Moreover; It was stated that the highly anticipated animations such as The Twits, Bone and Toil and Trouble were also canceled. It was among the news that Bright 2, the sequel to the movie Bright starring Will Smith, was also stopped. Of course, there is a high probability that the cancellation of this movie is related to Will Smith’s slapping of Chris Rock at the Oscars.

For now, it is unknown how many total Netflix content has been cancelled. However, the platform; We can say that worldwide popular productions such as Arcane, Stranger Things, The Withcer and Squid Game will not be affected by this.

Despite such news, it would not be wrong to state that Netflix still dominates the global market with a total of 221.64 million subscribers. However, the other day, another popular platform HBO Max, it was announced that it gained 13 million subscribers in a year, increasing the total number of users to over 76 million. Disney Plus also stated that it has 129 million subscribers worldwide. These news had recently revealed that Netflix’s throne could be shaken.