The rallying cry “I cut the cord” that defined a generation of binge watchers and movie addicts is over.
Netflix is hemorrhaging subscribers at a pace that blindsided Hollywood and sent Wall Street diving for cover on Wednesday. The streamer’s first-quarter earnings report revealed the decade-long run of meteoric growth in subscribers gave way to a net decline of 200,000 customers when Netflix forecast it would add 2.5 million signups.
The disappointing subscriber signups weren’t just contained to one region — but worldwide. And that marks an inflection point for a company that once thought it would rule the U.S. market, and then dominate key regions around the globe before competitors emerged.