patrick.net

https://www.thestreet.com/markets/netflix-stock-slumps-as-viewer-exodus-prompts-advertising-re-think?puc=yahoo&cm_ven=YAHOO&source=patrick.net

...
Netflix posted the first decline in annual subscriber growth in more than a decade late Tuesday, losing 200,000 global subscribers over the three months ending in March, significantly missing the Street consensus forecast of a 2.5 million gain and taking the overall total down to 221.64 million.

Around 700,000 of those were the result of cutting its service in Russia, Netflix said, but the bulk of the exodus was put down to rising prices, increasing competition and password sharing, which Netflix estimated at around 100 million households world wide.
...

Rising prices and increasing competition make sense, but password sharing sounds like an issues theyve had for a decade, so I think its a BS reason.

I also think they left out another reason for failure: wokeness. Netflix has been ramping up their woke propaganda rapidly these past few years. IMO covid made people much more tolerant to that, so they pinched their noses and held onto their subscriptions anyway because they wanted entertainment while locked indoors. Now that society is mostly back to normal, some are rejecting it.