Netflix predicted the death of conventional television

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Netflix predicted the death of conventional TV

The company said it had about 221 million subscribers and hopes to add another million in the coming quarter.

One of the CEOs of the streaming platform Netflix, Reed Hastings, predicted the complete destruction of conventional television in just 10 years. The Daily Star writes about this.

It is noted that the traditional will lose its popularity, despite the fact that the service recently lost a million subscribers.

Hastings said that linear television is moving towards extinction thanks to the new generation of new online TV services.

“This is definitely the end of linear TV in the next 5 to 10 years. And as Nielsen will announce Thursday, our US TV share hit an all-time high of 7.7% in June (up from 6.6% in June 2021) , demonstrating our ability to increase our engagement as we continue to improve our service delivery,” he said.

Meanwhile, let's add that Netflix shares fell about 37% in April. These losses are the largest in its 10-year history.

The largest number of cancellations, about a million, was recorded in the United States and Canada. However, the trend was offset by an increase of more than one million customers in the Asia-Pacific region.

The premiere of the film Stranger Things contributed to the growth of subscribers. The season received 1.3 billion hours of viewing in its first four weeks, making it the biggest English-language Netflix TV season ever.

increased more than five times in the month following the release of the fourth season (versus the previous month),” the company added.

The CEO blamed the recent slowdown on a number of factors, from password sharing and competition to a disrupted global economy and the aftermath of the war in Ukraine.

Over the past two months, Netflix has laid off nearly 450 employees, announced a cheaper ad-supported subscription plan, and promised to end password sharing.

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