Online streaming service takes another hit!
The world seems fatigued from all restriction measures, and a bit streamed out,
as shares of Netflix, had their worst day in the stock market since 2004, after the streaming giant said it lost subscribers for the first quarter in over a decade.
Things are apparently so bleak that the company, which for years sold itself as a commercial-free haven, now is exploring a lower-priced, ad-supported version of the platform.
It follows another news of another failed streaming mega-project, as Warner Bros. Discovery, said it would shut down its streaming service CNN+ just weeks after it debuted. Its $5.99-a-month price was seen as “excessive” by company executives. according to a Wall Street Journal report.
*NYT tweet on CNN+latest announcement
Breaking News: Warner Bros. Discovery is shutting down CNN+. The streaming service debuted just weeks ago and was meant to bring CNN into the digital future. https://t.co/vqApzdFQvY
— The New York Times (@nytimes) April 21, 2022
The Journal reported that,
Warner Bros. had poured over $300 million into the streaming project, but attracted fewer than 100,000 subscribers.
While Premium cinema operator Everyman Media saw a strong rebound with admissions surging 67% to £2 million on pent-up demand.
Admission levels are getting back to pre-pandemic levels and in the second half of 2021 were 97% of 2019 level.
The company said momentum had continued into the new financial year.
Same rebound recorded also; AMC, Cineworld, and Cinemark all with positive momentum towards the Q2
But skeptics are quick to put all in perspective, indicating that sales are still down 68% from the same span in 2019.
While the rebound may be just the beginning as more big movies are looking to tap up movie going demand for the summer season!
