By now, you’ve probably heard about Netflix’s decision to ditch its original series lineup.
Now, as Netflix and Amazon Studios head into the 2020s, the streaming giant is finally admitting it’s been a long time coming.
Netflix says its original content has been declining in terms of subscribers and viewers.
Netflix’s original series haven’t even been as popular as the big five content providers, with Amazon’s “House of Cards” in particular having been a huge success.
But Netflix CEO Reed Hastings said in a statement that the company was still “investing heavily in our original content portfolio” and that it “continues to look forward to launching more content, including the new ‘Binge On’ offerings for Netflix’s own original programming.”
He added that “we will continue to invest in our core original programming, and we are focused on building a robust library of high-quality shows, movies and content for our loyal customers.”
Netflix will be the biggest name in the entertainment streaming game this year, but the company still hasn’t said whether it plans to renew its current streaming deals with the likes of Amazon and Netflix.
It also hasn’t officially announced a new streaming service.
But Hastings did admit that Netflix is “still working on a new offering” that will be announced “soon.”
What we’re hoping is that Netflix will announce something at the big game or some kind of announcement about a new TV show or movie.
And we’re certainly not expecting that Netflix would just drop its current deal with Amazon and Amazon to launch its own service.
Netflix was founded in 1994 and is the largest streaming service in the world with over 20 million members.
But its original programming hasn’t really been doing too well lately, especially with the release of its original shows.
Netflix had a total of 1.3 million subscribers in May, down from 1.7 million subscribers a month earlier, according to comScore data.
In terms of total subscribers, Netflix had 1.5 billion subscribers in 2020, up from 1 billion subscribers last year.
Netflix is also losing subscribers in a number of key markets: The company lost more than 600,000 subscribers in the U.S. in 2020.
Its streaming audience in the rest of the world dropped about 50% in the same time frame.
Netflix has struggled to keep up with its own content offerings, too.
The company has been hit by the fallout from the recent Netflix paywall and the fact that a lot of its originals have been losing subscribers as a result.
In its statement, Hastings said that Netflix’s originals were “not delivering the value that we were hoping for.”
And Netflix isn’t the only company to experience a drop in subscribers.
Amazon, which has more than 6 million subscribers, has also been struggling to keep pace with Netflix.
Amazon also recently released its first streaming show, “Transparent,” and Hastings admitted that the streaming service had to “go to the dark side” to compete with Netflix’s shows.