Netflix saw the largest-ever number of subscription cancellations in a single day this past week after cofounder and CEO Reed Hastings ca...
Netflix saw the largest-ever number of subscription cancellations in a single day this past week after cofounder and CEO Reed Hastings came out in support of Kamala Harris for president.
According to reports, Hastings is so thrilled with the idea of Kamala cackling her way into the White House that he donated a whopping $7 million to her already over-bloated war chest.
On July 23, Hastings went on X to publicly announce how much he loves Kamala. This prompted the worst business day ever for Netflix, which lost 2.8 percent of its subscriber based in July alone.
Another part of the reason for this mass exodus was Netflix's decision to phase out its basic tier and force all subscribers into a more costly one. Many Americans are sick and tired of the "woke" virus that infects modern programming as it is, and having to pay even more for it was enough to cause tens of thousands of Netflix subscribers to cancel.
Bloomberg admits that, all things considered, it was "unusual" for Netflix to lose so many subscribers in the five-day period following Hastings' Kamala endorsement. Clearly there are many Americans who are also tired of Democrat leadership and want to give Donald Trump another try.
Mixing business with politics is a bad idea
A longtime Democrat donor, Hastings failed to read the room when he decided to enter the fray of politics, especially in 2024. People on the left and on the right seem solidly placed within their respective camps, and corporations err greatly whenever their executives start picking sides publicly.
Shareholders take note: If your investments are in companies led by people with strong political leanings, expect dramatic movements like what is now happening to Netflix as a result of its CEO choosing Kamala in this very contentious political cycle.
In the information age, all it takes is a tweet to spark a nationwide boycott, which is exactly what is happening to Netflix as the #CancelNetflix hashtag went viral following Hastings' Kamala endorsement.
"Shortly after Hastings' endorsement, fans of Donald Trump began urging people to drop the service," reported Bloomberg.
"Some posted photos showing they had closed their accounts alongside the hashtag #CancelNetflix. Three days later after the donation became public, July 26, was the single worst day for Netflix cancellations this year."
The boycott lasted just three days, at least noticeably, fizzling out faster even than the great Netflix boycott of 2020, which stemmed from the subscription service's streaming of the French movie Cuties.
"The long-term effect of these incidents can be hard to gauge," Bloomberg further reported.
"Advertisers and companies were eager to speak out on social issues following the murder of George Floyd. Many companies raced to show their support for the Black community and started new programs or initiatives to promote diversity, equity and inclusion (or DEI). Netflix shifted cash to Black-owned banks while Hastings donated to historically black universities."
Anheuser-Busch faced a similar fate after the company advertised its Bud Light brand using a mentally deranged "transwoman" (a biological male who thinks he is female). The move prompted massive backlash as Bud Light drinkers, disgusted by the transwoman, dropped the brand for other beers.
For Netflix, the company has been trying for years to keep Hastings' political obsessions separate from its business operations to avoid these kinds of boycotts. This one with Kamala was apparently too extreme to contain, and now Netflix and its shareholders are paying the price.
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