Netflix was pretty confident in its ability to bounce back from its recent troubles during its Q2 2022 earnings report.
Despite its financial problems, considerable subscriber losses and show cancellations, the streaming giant was optimistic about its prospects of turning its fortunes around. In the two months since its last quarterly earnings call, however, Netflix hasn’t shown any major signs that it has gotten over the worst of its problems.
In July, Netflix predicted it would add one million subscribers to its current user base by the third quarter of 2022 — a bold statement to make, as the streamer has spent the past two quarters bleeding paid customers. Of course, this isn’t completely Netflix’s fault. The Ukraine-Russia war coupled with the cost of living crisis in countries like the UK has caused people to opt to cancel their streaming subscriptions to save money amid rising prices globally.
However, for those who keep paying for one of Netflix’s three current subscriptions — an ad-based fourth tier is coming — the streamer isn’t providing enough value for money when it comes to original content.
Top 10 Netflix Sites (opens in new tab) It’s a great indicator about the streaming company’s current list of movies and TV shows. Every week, Netflix provides a rundown of which movies and series are performing best on its platform, showing how many weeks each production has spent on its top 10 movies and shows lists, as well as how many millions of hours have been watched.
On the Netflix series front, Cobra Kai season 5 was a big hit for Netflix – a fan favorite with 106.7 million hours watched over the past seven days (September 5-11). Devil in Ohio also performed admirably in front of the TV show with its 70.8 million hours aired over the same period.
Look beyond Cobra Kai and Devil in Ohio, however, and the full picture is presented much sharper.
End of the Road, the travel thriller starring Queen Latifah, was the top-performing Netflix movie last week with 30.2 million hours streamed. Love in the Villa, I Came By and Me Time have also racked up over 20 million hours each.
So what’s the problem? Frankly, the last seven days — and September in general — have been the quietest period, from an audience perspective, for Netflix for a while. big ones Time.
The last time Netflix saw such a quiet week, from a cinema point of view, was between May 2 and May 8. At that time, 365 Days: This Day only managed 27.5 million hours watched. The week of April 18-24 was even worse for the streamer, with Choose or Die taking the top spot on Netflix’s Top 10 Movies list with a paltry 15.2 million hours streamed.
Since those barren weeks, Netflix has always had a major movie hit (or relatively well-performing) on its hands. Hustle, Spiderhead, The Man from Toronto, The Gray Man, The Sea Beast, Purple Hearts, Day Shift and Me Time, starring Adam Sandler, have all garnered more than 50 million hours viewed on Netflix since mid-May.
So far in September, though, Netflix hasn’t had a highly anticipated movie to continue this successful sequel. That could soon change – Do Revenge, Lou, Athena and Ana de Armas Marilyn Monroe biopic Blonde could entice viewers and give the streamer another hit movie to add to his back catalog. If this quartet doesn’t live up to the expectations of fans and critics, September 2022 could be the worst performing month in Netflix movie history in a while.
Things don’t look so good on the TV show front either. After Cobra Kai and Devil in Ohio, there’s a big drop in hours watched when it comes to Netflix’s TV offerings.
The Imperfects, a sci-fi horror series released on September 8, racked up just 24 million hours viewed in its first week. After that, other shows, such as Dated and Related, failed to reach the 20-million-hour mark.
Aside from the recent success of Cobra Kai, Netflix has only had two TV shows with over 100 million hours watched since the unparalleled success of Stranger Things season four earlier this year. Part 1 of Season 4 arrived on May 27 and quickly racked up 781 million hours viewed in its first two weeks. Season 4, Part 2, launched on July 1, and after adding a further 591 million hours streamed in the two weeks post-launch, it also set up what is expected to be an exciting fifth and final season on the hugely popular fictional show. supernatural science.
Virgin River Season 4 (105.4 million hours watched) and Season 1 of The Sandman (127.5 million hours streamed) are the only non-Cobra Kai series to break the 100 million+ barrier for Netflix. since Stranger Things season 4, part 2. These numbers were accumulated between July 18th and 24th and August 8th and 14th, respectively.
Based on its upcoming TV series schedule, any of Netflix’s upcoming shows are unlikely to break that barrier either. Fate: The Winx Saga season 2 and Cyberpunk: Edgerunners have arguably the best chance of doing so – the former being a sequel to a wildly popular show, and the latter a stunning anime spin-off of Cyberpunk 2077’s video game. CD Project Red. Aside from that duo, however, the rest of Netflix’s September 2022 TV slate is filled with reality-based shows and the odd indie art-form project like Rainbow and Entergalactic, which aren’t expected to attract huge numbers of views.
Simply put, Netflix is in the midst of a big barren period when it comes to top-notch movie and TV show offerings – and that’s a problem. The streamer needs to give potential subscribers a reason to subscribe to grow their fan base and revenue streams, and they will struggle to do that if they don’t provide content that appeals to the audience.
Its October 2022 schedule looks like it might entice people to shell out their money. Mike Flanagan’s upcoming project, aka The Midnight Club, is sure to appeal to TV aficionados. Other potential big hits like The School for Good and Evil, Guillermo del Toro’s Cabinet of Curiosities, The Good Nurse and All Quiet on the Western Front should help Netflix’s attempts to bolster its subscriber base. With the Halloween season just around the corner, Netflix fans are sure to hop onto the platform for a scare or two, like its sizable horror movie catalog or the possible arrival of its Wednesday spin-off series Addams.
Right now, though, the streaming giant is experiencing a dry spell and is hurting the streamer’s prospects of turning the tide in their favor. Netflix could really do without a month as arid as September. But thanks to his mediocre offerings, he has become a stick on his own and will have to deal with the consequences.
For more Netflix-based coverage, check out all the movies slated to debut on the streamer in 2022. Alternatively, read our thoughts on whether Netflix should end its bingewatching model.