Entertainment giant Netflix is collapsing, in a setback for the left’s culture war.
The reliably woke company lost $54 billion in market cap overnight Wednesday, Variety reported, the biggest drop in its history.
The company’s share prices fell by 35 percent, the steepest fall since 2004.
The crash was prompted by a dire report, which showed that 200,000 subscribers fled last quarter — marking the first time Netflix has lost customers in over a decade. The company was expecting to gain 2.5 million subscribers.
In a letter to shareholders, the company said its growth “has slowed considerably” and pointed to password sharing, increased competition, and its move to boycott Russia, which cost it 700,000 subscribers.
The company has also been raising its rates even as the market for streaming entertainment, which it once dominated, has become more diversified.
Netflix has also blamed the turn of fortune on the end of the Democratic party’s sadistic and unscientific COVID lockdowns, which forced people to stay home. As people are going outside and enjoying life again, the peddlers of woke smut at Netflix are taking a hit.
Woke smut peddlers in trouble
Despite the dramatic drop, Netflix has been in decline for some time. Shares in the company have fallen by 65 percent so far over the last six months.
There’s more bad news ahead, as the company expects to lose another 2 million customers in the second quarter. Netflix hopes to turn things around by charging customers to share their passwords and possibly introducing advertisements to bring costs down.
Like most of the tech world, Netflix supported the Biden-Harris campaign. Some of the service’s new shows include a program about national parks narrated by Barack Obama and a show called He’s Expecting, about a pregnant man. Gee, why are customers leaving? It’s just a mystery.
This all comes as the multinational entertainment conglomerate Disney is facing the loss of its special self-governing status after angering Republicans in Florida over the company’s opposition to the popular “Don’t Say Gay” anti-grooming law.
Is the tide turning in America’s culture war? It may be too soon to tell, but these are encouraging signs.