A fresh legal problem arises for Netflix, as it battles falling subscriber numbers and unhappy shareholders.
The problems seem to be piling up for streaming giant Netflix, whose 2022 isn’t turning out quite as it hoped.
The big problem it faces is that for the first time since it fully pivoted its business to its streaming service, Netflix has lost subscribers. In the first three months of 2022, it lost 200,000 customers, and now is bracing itself to lose another two million by the end of June.
Naturally, financial markers responded calmly to this, knocking substantive value off the company. 35% of its value was wiped off in a day, accounting for some $54bn. And whilst some of that has been recovered since, there’s still some way to go.
Netflix has been making cuts since the news came out, but now it also faces shareholder wrath. Specifically, a lawsuit in San Francisco that accuses Netflix of making “materially false and/or misleading statements”. Furthermore, that it “failed to disclose material adverse facts about the company’s business, operations and prospects”.
The lawsuit is aiming for monetary damages – and let’s face it, whilst the number hasn’t been disclosed, they’re hardly going to be after fifty quid – and it’s a further headache for the company. Whether it settles or contests the case remains to be seen. At the very least, Netflix will be hoping its year gets better soon…
More on the case here.
Thank you for visiting! If you’d like to support our attempts to make a non-clickbaity movie website:
Follow Film Stories on Twitter here, and on Facebook here.
Buy our Film Stories and Film Stories Junior print magazines here.
Become a Patron here.
- Writers’ strike ends at last, details of deal emerge
As the writers' strike ends, it appears that film and TV screenwriters have had most of their demands met. Hopes rise that an end to the actors' strike will follow shortly.
- World’s first cinema that measures audience response to open in UK
Bristol will be home to The Instrument Auditorium, a cinema that measures heart rate, eye movement and brain activity.
From May of next year, production companies and studios will be able to get feedback on the films they are launching like never before. The Instrument Auditorium, opening in Bristol, is a 36-seater cinema that will be [...]
- Wes Anderson’s Henry Sugar to put Roald Dahl front and centre
Wes Anderson confirms that Roald Dahl will appear as a recurring character in the anthology film Henry Sugar.
With Wes Anderson's Asteroid City about to land on PVOD, we've also heard that his next project will shoot later this year. You can catch our review of the former here, whilst we don't know too much about the latter [...]
- Wes Anderson’s espionage thriller will star Benicio del Toro
The Asteroid City filmmaker Wes Anderson is onto pre-production work on his next film, with one out in cinemas and another coming later this year.
Wes Anderson is on a roll when it comes to productivity. The director currently has Asteroid City out in cinemas (you can find our review here). Furthermore, he's also managed to sneak in an adaptation [...]
- Wes Anderson chats about upcoming Roald Dahl adaptation, Henry Sugar
Wes Anderson talks Henry Sugar, Netflix and cinemas as he considers how to get the unconventional tale before audiences.
Wes Anderson is in a creatively fertile moment right now (although in fairness, when is he not? We'd bet that even when he makes scrambled eggs, they'd have a flair-filled, cinematic aesthetic to them.
His latest film, Asteroid City is [...]