- Streaming platforms like Netflix are facing backlash and criticism due to problems with residuals, poor treatment of writers, and raising prices, which are creating a negative outlook for the future of streaming sites.
- Netflix’s image has taken a hit despite a boost in subscribers after cracking down on password sharing, and the lack of trendy, original releases suggests a lack of value for subscribers, which Netflix needs to address.
- The majority of Netflix’s trending films are older releases, and with upcoming projects being delayed due to strikes, streaming platforms will be reliant on old shows and movies, which could lead to a lack of new content and a decline in subscribers.
The top 10 movies on Netflix give a clear look into the future of streaming platforms in light of Hollywood’s failures, and it’s not good. With the ongoing WGA and SAG-AFTRA strikes, Hollywood executives have been facing backlash and criticism with streaming platforms being at the forefront. Problems with residuals between actors and streaming platforms, alongside the platforms’ poor treatment of writers, have created a lot of negativity for the once-loved services. Netflix also lost public support after raising prices and cracking down on password sharing with other platforms looking to do the same. All these recent problems create an unhealthy look for the future of streaming sites.
Despite Netflix having a boost in subscribers after cracking down on password sharing, the company’s image took a hit and has continued to do so since the strikes. Other streaming platforms have also been criticized for not striking a deal with the WGA and SAG-AFTRA, which creates questions surrounding the future of streaming. The WGA and SAG-AFTRA strikes will continue indefinitely after failure to strike a deal, meaning the platform’s current trends will likely stay the same. The financial effect of all the negativity may not be felt immediately, but if things proceed in their current direction, streaming’s future could be in jeopardy if Netflix’s top 10 movies is anything to go by.
Only Two Of Netflix’s Top 10 Movies Are New Streaming Films
As of this writing, Netflix only has two new streaming films in their top 10, reinforcing the idea that there isn’t much of an appetite for their recent content. The two new top 10 releases are Heart of Stone and Untold: Johnny Football; both have been met with mixed reviews. With the new subscribers gathered from the password crackdown, new content will be needed in order to keep them as well as pre-existing users who have paid the new higher prices. The lack of trendy, original releases suggests there isn’t much value for subscribers of the platform, which is something Netflix will have to address.
The mixed reception only further highlights the current position of Netflix and other streaming platforms, as there is a feeling of uncertainty surrounding their value and thus their future. Price hikes and password crackdowns only alienate subscribers more, particularly those in the camp of not enjoying these services’ latest releases. In contrast, CNBC reported that the box office is 20.7% higher than at the same point last year, indicating that there is still an appetite for new movies. While streaming services may have boomed during the pandemic, 2023 has shown things may be changing once again, and not in the favor of streaming.
Streaming Services’ Trending Content Will Continue To Be Old Movies & Shows
The majority of Netflix’s current trending films are mainly older releases, a trend that looks likely to continue. The WGA and SGA-AFTRA strikes mean that many upcoming projects are being delayed and that even less new content will be in the works. With the future likely containing very few new releases, streaming sites will be reliant on old shows and movies, which are already proving to be the most popular content. With the shift already beginning on Netflix, it won’t be long before all streaming platforms are suffering from the lack of new content.
Many of these streaming services have a big catalog of old movies and shows, but some are heavily reliant on their exclusives. Disney+, for example, has a monopoly or franchises at its disposal; despite the lack of new content, it is still the home of big IPs such as Marvel and Star Wars. A platform such as HBO Max, however, is unavailable in certain regions, such as the UK and Australia, while also being reliant on its original content. The HBO Max rebrand already caused big losses and without new, original shows or movies being released, the future of that platform and many others looks bleak.
Netflix’s Top 10 Being Almost All Old Movies Exposes A Huge Problem For Streaming Subscriptions
With all the recent events not creating many positives for these platforms, Netflix’s top 10 only further exposes the problems for streaming subscriptions. Potential customers are already facing dilemmas over which streaming sites to choose, each offering different exclusives while changes to prices, such as Netflix’s subscription tier changes, only make the decision more difficult. If much of the trending content on streaming platforms is content that has been out for months if not years, people may cancel their subscriptions as they have already seen everything the site has to offer them. Original content was always meant to be the entire driving force behind proprietary streaming platforms. Audiences signed up with the promise that they’d be able to find new content they couldn’t get anywhere else. Now, that’s no longer the case–it’s a big problem.
New content gives people an incentive, such as a new Marvel show attracting customers to stay with Disney+, or a big hit like The Last of Us bringing people to HBO Max. Without this, cable TV, DVD/ Blu-ray collections, or cutting down to a single streaming platform becomes a better alternative compared to paying for multiple services. Adding up all these issues strongly suggests the success of streaming platforms will soon be changing. Increased prices, the crackdown on password sharing, and the strikes leading to little new content is a worrying sign for Netflix and other streaming platforms, all of which could create a troubled future for these businesses.