Christians and Conservatives’ boycott of Netflix is having an effect!
Kaylee Greenlee reports for The Daily Signal that on Wednesday, July 17, 2019, Netflix’s quarterly report shows a loss of 126,000 domestic paid subscribers — its first in eight years — compared with analysts’ expectations for a 352,000 gain. Netflix also missed its own forecast for global subscriber growth by 2.3 million.
Before the release of the shareholders report, Netflix’s shares were up more than 35%. Now, the stock will open at its lowest price since January.
Not coincidentally, the dip in subscriptions came in the same quarter as Netflix’s decision to oppose Georgia’s pro-life heartbeat bill, which was signed into law by Gov. Brian Kemp (R), on May 7. Set to go into effect on Jan. 1, the law will impose restrictions on abortion after a fetal heartbeat can be detected.
On the day of the bill’s passage, Gov. Kemp said he is standing by his promise to implement the “toughest abortion bill in the country” and that “Georgia is a state that values life. We stand up for those who are unable to speak for themselves.”
Following the bill’s passage, Netflix’s chief content officer Ted Sarandos told Variety that Netflix will work with the ACLU and others to “fight it in court,” and that “Should it ever come into effect, we’d rethink our entire investment in Georgia.”
“Half the country is pro-life. The vast majority want abortion limits. Netflix’s pro-abortion views are regressive and don’t belong in a civilized, loving society. Wake up, Netflix. Many of your employees, customers and America are increasingly pro-life.”
Commenting on the drop in Netflix’s domestic subscription, Rose said: “When Georgia passed the Heartbeat bill, Netflix threatened to stop doing business in the pro-life state. Thousands of pro-life customers expressed their outrage.”
According to MarketWatch, Netflix CEO Reed Hastings said no single factor led to the subscription shortfall, but that a pricing increase, the quarterly content slate and seasonality were all factors. Eric Haggstrom, eMarketer forecasting analyst, said Netflix was hurt by the defection of lower-priced subscribers who may be looking to jump to a wave of competing services over the next 6 to 18 months.
Netflix characterized Q2 as a momentary blip and projects a strong third quarter, with 7 million paid subscriber additions worldwide. A shareholders report also tried to put a positive spin, stating that Netflix’s “U.S. paid membership was essentially flat in Q2, [but they] expect it to return to more typical growth in Q3.”
H/t Big Lug
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