Hollywood Execs Are Reportedly Cheering Netflix’s Crash

Amid the highly-publicized Netflix debacle, executives from the streaming giant's competitors reportedly can't help but sit back and enjoy the show, even though the news doesn't exactly bode well for them, either.

According to a recent piece published by The Hollywood Reporter, rival executives recognize Netflix's woes as a cause for concern, as they prove that the success to be found in the streaming game is finite. However, that isn't stopping them from indulging in a bit of schadenfreude at Netflix's expense.

A "top executive at one of Netflix's legacy-studio rivals" says that while the news of Netflix's problems is certainly bad for his business, it still "sure fucking feels good." This exec went on to describe Hollywood's perception of Netflix, describing the streamer as "arrogant."

"The entire town's rooting against them," he told THR. "It's not just the arrogance of announcing that you're the leaders, not respecting executive contracts and [poaching] everybody and the way they carry themselves. There was a feeling of anger and then despair -- are our businesses over?" Evidently, rival studios are now feeling a bit better about themselves.

THR previously reported that Netflix predicted to gain 2.5 million subscribers during the first quarter of 2022, though instead lost approximately 200,000 subscribers, marking the streaming giant's first subscriber loss in a decade. Netflix cited a number of reasons for the loss, including password sharing, increased competition in the streaming space and the fact that it recently suspended its service in Russia following the country's invasion of Ukraine.

Netflix predicts that it will lose an additional 2 million subscribers during the second quarter of 2022. As a result, the company is "pulling back" on its content spending. Netflix is also considering launching ad-supported subscription tiers, though the prospect of a previously commercial-less service adding advertisements has proven unpopular with subscribers.

Just today, Netflix's marketing department was hit with layoffs, though the amount of people let go is currently unknown. Moreover, it was recently reported that Netflix had gutted its animation department, resulting in a number of upcoming projects -- including the long-awaited adaptation of Jeff Smith's Bone -- being unceremoniously canceled.

Source: The Hollywood Reporter

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