Hollywood is bracing for impact: Netflix financial results on Tuesday could become a defining moment for the entertainment industry’s multi-billion dollar streaming arms race.
The streaming giant reported its first quarterly subscriber loss in more than a decade in April, and warned there’s about 2 million more global customers to go. The reaction was swift, with Netflix stock cratering 70% this year to wipe out billions of dollars in market value – and unleashing a wave of fear that studios might need to reconsider prioritizing streaming over legacy businesses like television and theaters.
The shock erosion of Netflix’s 221.6