Streaming stocks slide, feeling weight of Netflix's subscriber stumble
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Netflix's nosedive Wednesday is attributable to a number of factors spilling out of its disappointing earnings report - but whatever they are, the idea of subscriber-loss contagion is spilling over to a number of streaming media companies.
The fact that Netflix actually lost subscribers rather than simply posting slower growth (and guiding for a deeper loss of subs ahead) is creating a wake-up call for many companies dependent on a continually growing supply of paying consumers.
That's not limited to Netflix's most visible rivals - Walt Disney (NYSE:DIS) is -5.2%, HBO Max parent Warner Bros. Discovery (NASDAQ:WBD) -5.1%, and Paramount (NASDAQ:PARA) -7.7%.
The downward pressure is also there for some smaller streamers often named in merger/acquisition chatter: Lions Gate Entertainment (LGF.A) is -6.1%, and AMC Networks (AMCX) -3.5%. FuboTV (FUBO) is -5.9% today.
Streaming audio company Spotify (SPOT), meanwhile, is lower by double digits, -10.2%.