This article (link here) is a good read. Title says it all -- Netflix customers cancelling service increasingly includes long-term subscribers.

Netflix no longer have the moat they once did and customers appear to be looking elsewhere to get their streaming fix. How many services do we all currently subscribe to? My household normally has 2-3, which we rotate based on new content. This consists of Netflix, Disney, Binge (Foxtel), Stan and Amazon Prime. Netflix has always been a consistent 'keep' for our household, where we would normally shuffle and swap between the rest -- but for the first time in years I am now comfortable cancelling Netflix and looking elsewhere. I think the shared accounts announcement will be the final straw for many Netflix customers too (those with siblings, parents etc using the same account). I think many of those customers will just cancel. In fact Amazon is shaping to be the one I wouldn't dare to cancel -- I love the content but I also get value from Amazon Prime (free shipping etc). Is this the way streaming services will go in a bid to keep their competitive edge? Add ons and other perks for customers to attract and keep them using the platform? It reminds me of Optus' move to secure the EPL rights. This increases their brand and exposure and many will sign up to Optus just to watch EPL. Optus obviously feel they get value from the EPL rights here in Australia; hence why they threw lots of money at securing the rights again for another six years.

Unfortunately for Netflix, customers like myself -- in the long term subscriber category -- appear to be cancelling in higher numbers than ever before. I own Netflix through the NASDAQ ETF, but I wouldn't touch the individual company in isolation. I think it is in for a very difficult few years and is no longer the disruptor it once was.

I really wouldn't be surprised if the company is eventually absorbed or bought out. Lets take the FANG ETF for example (below) -- Netflix (and to a lesser extent Meta) are the only companies listed that no longer have a solid competitive edge. The rest have incredible moats -- all for different reasons -- and there is no denying they will all almost certainly still exist in 5-10 years time. Meta have desperately started to pivot in a bid to remain relevant, whereas Netflix are only starting to hit the panic buttons now. Is it too late?