Netflix cancels multiple TV shows and films after losing subscribers for first time in a decade

Netflix has reportedly cancelled multiple TV shows and films after suffering a recent loss of subscribers.

The streaming service announced a loss of 200,000 users over the first three months of 2022, falling well short of predictions it would add 2.5 million subscribers.

It is the first subscriber loss it has had in more than a decade, causing shares to plunge 25% in extended trading.

The drop stemmed in part from Netflix’s decision to withdraw from Russia in protest over the war against Ukraine, while escalating inflation over the past year has put a squeeze on household budgets which may have contributed to the loss.

Netflix has projected a loss of another two million subscribers in the current April to June quarter.

What TV shows and films are being axed?

The streaming service has reportedly pulled the plug on numerous TV shows and films as a result of the subscriber losses, according to The Wrap.

Among some of the axed titles are Jeff Smith’s comic book series Bone and Lauren Faust’s Toil and Trouble.

A version of Roald Dahl’s The Twits is still set to go ahead but in a different format. It will now be a feature rather than an animation series.

Feature film Bright 2, that was set to feature Will Smith, has also been cancelled, although reports claim this could be due to the incident at this year’s Oscars, after the actor stormed the stage and slapped Chris Rock across the face over a comment about his wife Jada Pinkett Smith.

Phil Rynda, Netflix’s Director of Creative Leadership and Development for Original Animation, has also been sacked, alongside many of his staff.

It is unclear how many Netflix TV series and films are similarly set to be axed, but it appears that some of the streaming service’s biggest hits, including Stranger Things, The Witcher, Arcane and Squid Game, are all safe.

How could the subscriber issue be tackled?

Netflix is now considering introducing changes that it has long resisted to address the drop in subscribers and improve profitability.

This includes a crackdown on password sharing with other households and creating a new low-cost subscription supported by advertising.

Reed Hastings, co-founder and chairman of Netflix, has long been opposed to introducing adverts to the service but could make the move to add another revenue stream.

Netflix has already started a crackdown in Chile, Costa Rica and Peru on people sharing passwords and is considering expanding the scheme.

The company said in its latest financial report that it believes it is being shared with 100 million extra households alongside the 222 million paying for the service.