Netflix revolutionized the streaming industry and was once considered a force to be reckoned with. But recently, the company has started to take some hits in the form of price increases and even trying to crack down on accounts that are shared by multiple families in the same household.
While some of this hand-wringing is valid, it would be a mistake to write off the service just yet. The real issue is that Netflix is no longer a dominant player in the industry, with competitors like Disney+, Amazon Prime Video, HBO Max, Paramount Plus, and Peacock all catching up.
This is partly due to the loss of big IPs that were once a staple of the Netflix library, such as Friends, The Office, and Marvel series like Daredevil and Jessica Jones. But other companies are stepping up to take back their rights, opting instead for their own platforms that offer exclusive content and cheaper subscription rates.
On top of that, Netflix is starting to feel a little dated and out of date. While they do have a decent library of original shows (Orange Is the New Black, Stranger Things), their recent cancellations of high-profile shows (The Society, The OA) and flops such as the Steve Carell-led Space Force have left a bad taste in consumers' mouths. Not to mention that they're constantly raising prices, which has been a major turnoff for long-time users. It's clear that Netflix needs to refocus its efforts on creating high-quality original content if they want to remain at the head of the class.