Headline Roundup • September 30th, 2024
Netflix Cancellations Nearly Tripled After Co-founder Donated $7M to Harris
Summary from the AllSides News Team
Netflix cancellations have nearly tripled since its co-founder donated $7 million to the presidential campaign of Vice President Kamala Harris, according to the researcher Antenna..
Key Details: Netflix co-founder and chairman Reed Hastings made the contribution to a super PAC supporting Harris in July. The donation came from Hastings himself, and not from Netflix.
For Context: Netflix, which has been around for 24 years, reportedly has the lowest "churn rate" - the rate of customer attrition - in the industry, usually around 2.4%.
How the Media Covered it: According to Bloomberg (Lean Left bias), the customer dropoff rate during the five-day period after Hasting's endorsement in July was unusual. Fox Business (Lean Right bias) noted that supporters of former President Donald Trump called on conservatives to cancel their Netflix subscriptions after the Hastings endorsement.
Featured Coverage of this Story
Michael M. Santiago/Getty Images
Netflix saw a dramatic spike in cancelations after its co-founder Reed Hastings revealed he donated $7 million to Vice President Kamala Harris' campaign, according to a report.
Cancelations on the streaming platform almost tripled in the United States after Hastings made the massive donation to a super PAC supporting Harris' presidential bid, Bloomberg reported, citing the researcher Antenna.
Supporters of former President Trump called on conservatives to cancel their subscriptions after Hastings endorsed Harris on X and revealed the large sum of his donation in July.
That same month, Netflix customers reportedly...
Bloomberg
Say goodbye to another tough week in Hollywood. Disney cut about 300 jobs. Paramount implemented its second round of layoffs in the last few weeks. And John Malone, the godfather of cable, said streaming is a crappy business. While things are likely to get worse before they get better, the long-term outlook for the entertainment business is still quite bright. I explained why in an essay for the latest issue of Businessweek: The Case for Optimism in Entertainment.
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