Netflix’s Subscriber Exodus Has Hollywood on Edge Ahead of Earnings

”This could be the kind of end-of-days, biblical prophecy, eschatological moment“ for multi-billion-dollar streaming bets, one analyst told TheWrap

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.

Become a member to read more.
Joe Bel Bruno

Joe Bel Bruno

Joe Bel Bruno is TheWrap's Editor at Large, Business. He most recently served as the Founding Editor of the business news site dot.LA. He was previously the Managing Editor of Variety, and served as Deputy Business Editor and later Deputy Entertainment Editor at the Los Angeles Times. Bel Bruno also ran markets coverage for The Wall Street Journal. Before that, he was an award-winning reporter at the Associated Press in New York, and held senior posts in London and New York for Knight Ridder Financial.