$100 Million Goes Up in Smoke: Sussex’s Impact on Netflix Viewers

Shares in Netflix have taken a hit, dropping by 35% as a result of a significant wave of subscribers abandoning the streaming giant.

Experts are now warning that Netflix will face challenges in recovering from the over $50 billion loss in market value after the recent price hike.

The Duke and Duchess of Sussex, Meghan Markle and Prince Harry, may be contributing to this disinterest in Netflix through their upcoming documentary, according to a royal brand expert.

Professor Selly Ottens, a marketing expert specializing in the branding of the royal family, suggests that the content being generated by the Sussexes lacks originality.

She argues that viewers will likely already be familiar with the events covered in the documentary before its release.

Expressing her perplexity, Ottens questions the value of rehashing well-reported events and whether the Sussexes can truly bring something new to the streaming service.

Comparing it to other reality TV shows, she points out that viewers often only hear about the fights or content beforehand, rather than witnessing them unfold in real-time.

The news of Netflix's decline in subscribers has sparked reactions from many royal fans.

Some express their frustration with the couple's use of the Invictus Games for profit, feeling that the games should not have become the “Harry and Meghan show.”

Others share their disinterest in watching a program centered around the couple, particularly as they believe Harry is exploiting an event he helped build.

There are also those who canceled their Netflix accounts upon hearing about the lucrative deal with the Sussexes, deeming it a bad decision by the streaming giant.

In the first three months of 2022, Netflix lost 200,000 subscribers, marking its first decline in paid members in over a decade.

Elon Musk, the world's richest person and also planning a hostile takeover of Twitter, weighed in on the matter, stating that the “woke mind virus” is making Netflix unwatchable.

Musk suggests that the streaming giant should focus more on producing sci-fi and fantasy content.

The Duke and Duchess of Sussex signed a $100 million deal with Netflix in 2020, but have yet to release any finished content.

Last year, it was announced that they would be part of a documentary centered around the Invictus Games, which they attended in The Hague.

Investor William Ackman recently withdrew his over $1 billion investment in Netflix, taking a $400 million hit.

He cited concerns about the company's changes to its business model, prompted by the significant drop in subscribers.

Netflix has acknowledged the challenges it faces, attributing the revenue growth slowdown to high household penetration and increased competition.

The streaming giant is now grappling with how to regain its footing in the market amidst these headwinds.