Business

Due to the recent underperformance that saw Netflix's stock decline nearly 5% in broader markets and on track to hitting its worst day in two months, the streaming giant is cutting subscription prices in over 30 countries. The moves come as a desperate attempt to increase subscribers in many parts of the world. With intense competition in the streaming industry over the past year, Netflix has fallen behind, causing the early adopter to focus on their strategy. The Wall Street Journal indicated that in some cases, the cost of subscription has been halved. While the streamer did add 7.6 million subscribers in Q4 of 2022, after losing many to rivals like Disney+ and Paramount+ in the first half of the year, Netflix is still looking for areas to improve. Netflix's spokesperson said, "We're alw...

Warner Bros. Discovery is still working out the aftermath of the merger. In Q4 of 2022, the company reported a net loss of $2.1 billion USD due to a decline in revenues from ad sales. The company has incurred sunk costs of nearly $1.2 billion USD for its restructuring expenses, as well as writing down $1.85 billion USD in assets. Due to declining ad sales of 14%, revenue fell 9% even after the company worked towards increasing HBO Max and Discovery+ streamers. CEO David Zaslav said in a statement, "We're seeing strong momentum across the enterprise." He adds that they they "have repositioned our businesses to take full advantage of the many opportunities ahead."Warner Bros. Discovery appears to face greater declines in its main TV network businesses, including a 6% revenue fall to about $5...