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
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."