Netflix Loses 2 Million Users Over Kamala Harris
There was an increase in Netflix cancellations following co-founder Reed Hastings' endorsement of Kamala harris and disclosure of a $7 million donation to her campaign. In the US, the turnover rate almost quadrupled, peaking at 2.8% in July—the highest since February. More than two million members were lost as a result.
Conservatives who supported donald trump strongly objected to the cancellations and pushed other conservatives to do the same. Hastings' endorsement of harris sparked backlash and cancellations after he declared on social media that President Biden should stand down in favor of a more formidable Democratic opponent.
Conservatives who supported donald trump strongly objected to the cancellations and pushed other conservatives to do the same. Hastings' endorsement of harris sparked backlash and cancellations after he declared on social media that President Biden should stand down in favor of a more formidable Democratic opponent.
The choice by Netflix to phase out its basic, ad-free service at the same time as the crisis may have contributed to the higher churn rate. Three days after the news of Reed Hastings' gift surdata-faced, July 26 was the worst day of the year for cancellations, according to research from Antenna and Bloomberg, highlighting the significance of his support.
In spite of this, Netflix continues to be the biggest streaming service with over 277 million members worldwide. But with the company's earnings scheduled for mid-October, experts are eager to see if it can regain its momentum. In addition to being well-known for his political activism and past criticism of President Biden, Reed Hastings has made headlines for giving away 40% of his $1.1 billion worth of Netflix shares to the Silicon Valley Community Foundation. This is a move that many tech billionaires take advantage of because it offers the foundation tax advantages and funding discretion.
In spite of this, Netflix continues to be the biggest streaming service with over 277 million members worldwide. But with the company's earnings scheduled for mid-October, experts are eager to see if it can regain its momentum. In addition to being well-known for his political activism and past criticism of President Biden, Reed Hastings has made headlines for giving away 40% of his $1.1 billion worth of Netflix shares to the Silicon Valley Community Foundation. This is a move that many tech billionaires take advantage of because it offers the foundation tax advantages and funding discretion.