Streaming giant Netflix has seen a drop in its subscriber base and a subsequent fall in shares.
Its shares fell 35 per cent on Wednesday, wiping €50 billion in market value, the biggest drop since October 2004.
Commenting on the downward turn, the California based company said its decade long run of subscriber growth had come to an end, acknowledging it was becoming increasingly difficult to attract new membership.
Analysts are attributing the decline to account sharing, increased competition from other streaming services, and market saturation.
Netflix predicted a poor outcome for the spring quarter, forecasting it would lose 2 million subscribers. This is despite the return of popular series such as Stranger Things, Emily in Paris and Osark, and the availabilty of star-studded films like Don't Look Up, and the multi-Oscar winning The Power of the Dog.
In 2022, Netflix broke all streaming records with hit dystopian series Squid Game. More here.
