When it comes to the “streaming wars,” there are more and more platforms where you can watch movies and shows. Of course, Netflix changed the game when it made the switch from only mailing DVDs to having an online platform, but with popular new sites like Disney+ and HBO Max, Netflix is starting to suffer. In fact, it was revealed this week that the platform lost 200,000 subscribers in the first quarter of the year, the first time it lost subscribers since 2011. Hours after revealing the loss, stocks of the streaming platform started to decline in a big way. Netflix ended up losing over $54 billion in market capitalization overnight, which marks one of the biggest single-day plummets in the history of the market. The stock ($NFLX) sank throughout the day on Wednesday, losing some 35 points to close at $226.19 per share. Now, there’s a lot of talk about big changes for Netflix, including an ad-supported tier. However, the Wall Street Journal is reporting that the platform intends to keep its current binge model.
