NETFLIX shares sink, CEO furious over not able to crack INDIA, Netizens alleges Anti-Hindu content

News by NRI Herald Australia 23 Jan 2022

The stock market fell 22% on Friday as the sell-off in tech stocks intensified after Netflix posted lackluster earnings wiping $45B from the NETFLIX's market value—with the Nasdaq Composite falling deeper into correction territory and posting its worst week since 2020.

The video-streaming platform Netflix saw its shares fall as much as 22% in after-hours trading yesterday after reporting only 3.98 million new global subscribers last quarter, a far cry from the 6.2 million additions anticipated by Wall Street analysts. The company also said that it expects only 1 million new subscribers over the next quarter.

Netflix has blamed this slowdown in subscribers on the Coronavirus pandemic, attributing the production delays of its big-ticket movies and TV shows to COVID-19.

“We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays,” said Netflix in a letter to its shareholders.

In one of the report published by Bloomberg the CEO Hastings said:

"The thing that frustrates us is why haven't we been more successful in India" Hastings said on the Webcast Thursday

Snapshot Sourced from Bloomberg portal.

Netflix said that it expects to spend more than $17 billion in cash on content this year.

However, netizens believe that NETFLIX produces too much WOKE, Anti-India & Anti-Hindu content which will only make Indians stay away from their OTT platform. There has been many incidents in the past where Indian citizens have called for #BoycottNetflix over release of movies line Leila starring muslim actors who openly support Anti-Hindu ideology.

One of the Twitter user "Shubhangi Sharma" and senior editor of TFI Global tweeted:

"With a battered stock, Netflix’s Reed Hastings says it frustrates them that they haven't been more successful in India. Meanwhile Netflix’s shows in India: - Leila shows a Dystopian Hindu society - ‘Krishna & his Leela’ - Vir Das keeps taking unfunny dumps on India List goes on"

Another twitter user "Ajit Datta" ,Columnist, Co-founder of the Pondy Lit Fest, Senior Editor and Mentor at TFI Media tweeted:

"In 2021, Netflix subscriptions fell by nearly 50%, shares fell by 20% and $45 billion in market value was wiped out. Netflix CEO @reedhastings says he's particularly frustrated about their failures in India. Well Sir, it's what you get with Kunal Kamra, Vir Das etc. Good luck."

Vir Das, a WOKE comedian which NETFLIX signed last year was in bad news recently for his Anti-India content also insulting India's Hindu religion. One of the other Twitter user "Ankit Jain" tweeted:

"If Netflix CEO is still wondering why Indians have not embraced it even after pumping huge money it is because it has invested on donkeys like Vir Das and others."