Netflix Popularity Is Fading: Favorite Titles Canceled, Massive Company Layoffs!

Netflix was once the premier place to fulfill any viewer's streaming needs.

However, in the last few years, the streaming platform's popularity has begun to wane.

There are multiple reasons one could attribute to Netflix's declining popularity, including its shift to a deeper focus on its library of original programming only for many of those fan-favorite titles to be canceled, or the company's massive employee layoffs - the company's total number of layoffs during the previous three months comes out to 475, according to Deadline.

Whether it is possible to narrow the possibilities down to a specific reason or not, the company currently faces a staggering number of subscriber cancellations.

Netflix's total number of employee layoffs in the first half of the year has already caused consequences for the company.

Deadline also reports the company's decision to let go of a large number of its employees and also eliminate around 150 positions at the company led to Netflix having to pay a large sum of money to cover severance costs. According to Netflix's earnings letter for the second quarter of the year, Netflix ended up having to spend $70 million to cover those aforementioned costs. (via Deadline)

The streaming service's stock market success has also taken a plunge over the last year as well.

Earlier this spring, The Blast reported on a memo the streaming service sent out to employees, which contained multiple instances of eyebrow-raising material.

One part of the memo read, "Depending on your role, you may need to work on titles you perceive to be harmful," in reference to Netflix's attempt to house as many diverse types of content as possible, "even if we find some titles counter to our own personal values."

In the first six months of 2022, Netflix has not only announced its intention to start becoming stricter when it comes to password sharing, but the company has also increased its pricing plans; a move that hasn't been popular with subscribers.

A price increase has evidently been part of Netflix's plan for a while. According to The Verge, the company "has long said that it will continue gradually increasing its price relative to the value it provides."

The outlet also reported Netflix's lowest pricing plan had increased by a dollar, now valued at 10 dollars a month, last spring.

Netflix isn't going to sit idle and ignore users' frustration, however. The company will launch an ad-supported plan, which will begin rolling out next year, according to Variety.

Whether the company's upcoming plan for an ad-supported tier will eventually help reduce its massive subscriber loss remains to be seen, of course, but it won't erase the fact Netflix has already faced a massive number of subscriber cancellations.

According to an NBC News report published yesterday, the company has lost one million subscribers during the first six months of 2022.

However, this news was not a complete loss for Netflix. The streaming service had predicted a loss of an additional one million subscribers.

The platform still remains at the top of the streaming service game. The outlet also reported Netflix still has "more than 200 million subscribers worldwide."