No wonder Netflix is bleeding subscribers – it’s become the new cable

theguardian.com:

After years of exponential growth, Netflix reported on Tuesday that it had lost subscribers for the first time in more than a decade. The announcement spooked Wall Street and sent shares plummeting more than 35%, erasing more than $50bn in market capitalization from a company whose stock was already down more than 40% on the year.

To explain the downturn, Netflix posited everything from the war in Ukraine to people sharing passwords. But what if the reason is much simpler – that Netflix just isn’t really making much people want to see any more?

It’s been a long time since Netflix was the total package: the home of cherished sitcoms like The Office, buzzy dramas like House of Cards, the exclusive venue for cinematic events like Bird Box and all for less than 10 bucks a month. Now, as the streaming service’s value nosedives, the big question is: are you still watching? And if so, what exactly?

I’m certainly finding it harder to answer that question. The other night, while spending 10 minutes scrolling around for a show to help me to sleep – Ozark (oof), the Ultimatum (hard pass), Serial Killer with Piers Morgan (yikes!) – I felt like a 90s cable TV viewer, aimlessly flipping around for something, anything, to watch.

Since NBC took back The Office and HBO Max did the same with Friends, well, it can’t exactly be said that the emperor has no content. It’s just that Netflix’s whole approach favors quantity over quality.

Critical hits like The Crown, Black Mirror and Russian Doll all began a while ago and new seasons can’t capture the watercooler excitement of earlier episodes. Netflix’s attempts at reclaiming the buzz have been patchy: Space Force promised big stars (Steve Carrell, John Malkovich) sending up a risible Trump-era