As Boris Johnson lifted Plan B restrictions last week, many rejoiced – but not Netflix.
The streaming giant has reaped the rewards of people staying at home. But last week, Netflix’s shares plummeted 20 per cent as new subscriber numbers fell short of expectations. Another 18.2 million people signed up for the platform – roughly half the number of new subscribers in 2020.
The production industry will also be watching with bated breath. Last year, Netflix doubled the amount of space it had in its studios in Surrey. The streaming giant is known for pumping out series after series. In comparison, the third season of Succession released last year was a testament to the continued place for a week-by-week episode timetable – the linear model.
Where others have kept pushing for “big hitting” series, the streamer has built a business model based on weekend binge sessions, lapped up and quickly forgotten.