After a ‘technical glitch’ that caused fans to wait hours for a highly anticipated Love Is Blind live reunion, Netflix’s stock price took a hit.
The Streaming Giant seems to be problematic?
Netflix is a popular streaming platform that offers a vast selection of movies, TV shows, documentaries, and original programming to its subscribers worldwide.
With over 200 million subscribers in over 190 countries, Netflix has revolutionized the way people consume entertainment, making it easily accessible and affordable to anyone with an internet connection.
At 3:25 p.m., the massive streaming company was down as much as 2.4% to $330.57. New York, where. The price ebbed back up to close at $332.72, down 1.75% overall. Market capitalization of the corporation decreased from $150.81 billion to $148.18 billion.
It comes after the popular reality TV show’s ‘live’ reunion was postponed on Sunday night, forcing the streaming juggernaut to apologize to followers.
The decrease in pricing follows last year’s introduction of a less expensive ad-supported membership plan and a crackdown on password sharing. It also occurs before the release of its first quarter earnings on Tuesday.
As of 3:25 p.m., the streaming juggernaut was down as much as 2.4% to $330.57. 2% lower in Monday’s pre-market trade in New York.
The stock slowly started to climb again, closing at $332.72 in New York, but it was still down 1.75%. Market capitalization of the corporation dropped from $150.81 billion to $148.18 billion.
Since Reed Hastings, the creator of Netflix, resigned as co-CEO in January, this will be the first quarterly report.
Just as the business revealed it had added more than 7 million new members with its less expensive tier, Hastings assumed the chairmanship.
In the reality TV series Love Is Blind, couples form relationships and get engaged before ever meeting in person because they can only communicate visually.
At eight o’clock, the reunion episode was supposed to begin. Nick and Vanessa Lachey, the Love is Blind emcees, were supposed to host ET, but instead, it only directed viewers to a screen that read, “There’s a problem with the live stream.”
‘Stay put! The message went on to say that we were working to fix it as fast as we could.
To those that stayed up late, got up early, and sacrificed their Sunday afternoon, Netflix tweeted an apology at around 9:30 p.m.: “We are incredibly sorry that the Love is Blind Live Reunion did not turn out as we had planned.”
“We’re now filming it, and as soon as humanly possible, it will be available on Netflix. Thank you and I’m sorry once more.
During the delay, host Vanessa Lachey boasted to the audience on Instagram that “apparently y’all, everybody broke the internet to see this reunion!”‘
Just after 9:15 o’clock, the concert finally began. with Lachey expressing regret to the audience and acknowledging that the format of the show was now live-to-tape.
Sunday night’s installment of the show was made available on Netflix at 3 p.m. for those who couldn’t watch it. on Monday, ET.