This is already becoming apparent in the UK, where it was reported yesterday that consumers have been cancelling streaming subscriptions to the tune of 1.5m during the first quarter of this year, according to Kantar.
This means consumers are likely to look at cutting back on some of their streaming services. While rising interest rates have made investors much more discerning about valuations, the main streaming platforms had already been coming under pressure from increased competition, with the likes of Disney+, Amazon Prime and Apple TV+, and these companies are now having to contend with evidence of slowing growth in subscriber numbers, amid rising inflation levels.
The slide in the Netflix share price since the $700 highs back in November last year has been incredibly painful for shareholders, with the shares more than halving in value, and last night's numbers look set to make that pain much worse.
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