Netflix has been failing to get audiences to show up and watch its many programs, forcing the Goliath to pay back some of the money it was given by advertisers.
Netflix fell well below the expected target audience numbers, causing the company to have to give up some of its advertising dollars, according to Digiday.
According to five agency executives, Netflix is falling short of ad-supported viewership gurantees made to advertisers and allowing advertisers to take their money back for ads that have yet to be run. The specific shortfall amounts vary by advertiser, Netflix has only delivered roughly 80% of the expected audience the executives said.
One of the executives said, “They can’t deliver. They don’t have enough inventory to deliver. So they’re literally giving the money back. A Netflix spokesperson declined to comment.
In 2022, Netflix has experienced a rough year, losing more than one million subscribers. This is actually not as bad as Netflix thought it would be, as they anticipated losing somewhere around two million subscribers.
While there are many factors that contribute to Netflix’s loss in subscribers and interest, including people returning to the office and a miltitude of streaming platforms vying for attention, its supposed hits aren’t bringing in the eyeballs.
An example, the documentary “Harry & Meghan” starring the runaway royals garnered some initial attention but then swiftly found itself sinking in the ratings within the streaming company. The show itself isn’t being received well by audiences are critics.
According to Forbes, while briefly dethroning megahit Wednesday for the number one spot on Netflix, the show quickly slipped back under it. And the three-hour premiere has been somewhat roasted by critics and fans alike, and what weemed like to could be a positive PR moment for Harry and Meghan seems to have perhaps backfired as the series seems to much like, an attempt at a positive PR moment.
Critics have scored the show at 50% on Rotten Tomatoes, below most other series currently making up Netflix’s top 10 list. It’s described as “unquestioned self-promotion and bland,” featuring things “that definitely do not add up” according to some critics.
At the time of this writing, “Harry & Meghan” sport a 14% audience score on Rotten Tomatoes. This was supposed to be one of the most important shows they had and few people seem to want to watch it beyond initial curiosity.
If Netflix continues to push trash like this, they can expect their numbers to continue to dwindle or stagnate. All-in-all, Netflix isn’t doing well, but it could be doing worse. Some may say that it will, as many people who signed up to watch shows like “The Witcher” lose interest, expecially as series lead Henry Cavill abandons the role of Gerald of Rivia.
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