It’s been a huge day for Netflix (NASDAQ:NFLX). A flood of news around the streaming giant emerged, from internal troubles to milestones to issues with competitors. Despite this flood, the company is down just over 2.5% in trading today.
First, “The Revenant” writer Mark L. Smith will write a six-episode series with Netflix called “American Primeval.” The series is a Western, focused on the early days of the American West and the struggles and sacrifices contained therein.
Second, there’s a chance that Amazon (NASDAQ:AMZN) may have poached Netflix’s Mike Flanagan, who may be making an adaptation of Stephen King’s classic horror western “The Dark Tower.”
Finally, Netflix hit a milestone. Its series, “Monster: Dahmer,” was the third series in Netflix’s entire history to cross the one-billion hours viewed mark in its first 60 days of release. The only other series to pull off such a feat were Season Four of “Stranger Things” and “Squid Game” from 2021.
When also considering that Amazon Video is bringing back HBO Max, it’s easy to see why Netflix isn’t satisfying investors, especially given the inflationary pressure consumers are under. That likely will hurt streaming video subscription rates as consumers tighten their belts.
In fact, hedge funds have a very negative outlook on Netflix stock, as they’ve cut their positions in two straight quarters.