Netflix Inc. has seen a decline in user engagement, with customers opening the app less frequently than before. Although total watch time increased due to new subscribers, individual viewing has decreased significantly during this period. The company is facing challenges such as increased competition and fewer hit productions impacting viewer attraction. In response to these issues, Netflix has made leadership changes to strengthen its content strategy and overall business model.
Its just a question of time and economics that streaming will become just as awful and enshitified as cable once was.
By definition and stock valuation, this has to happen for the money invested in these companies to make sense.