Netflix Drop

Netflix discovers the downside of going blue:

According to a report from Bloomberg, the rate of cancellations nearly tripled in the United States after Hastings announced his endorsement in the 2024 presidential race (via Bloomberg): Customers in the US canceled Netflix at a higher rate in July — 2.8% — than any month since February. That is largely due to the company’s decision to phase out its basic tier. Basic was the cheapest advertising-free version of Netflix. But the five-day period after Hastings’ endorsement was unusual, even for July. Hastings made his endorsement clear on X (formerly Twitter), where he congratulated Harris and said, “now it is time to win.” Hastings, a longtime Democratic donor, told The Information that he donated $7 million to a pro-Kamala Harris super PAC. “Three days later after the donation became public, July 26, was the single worst day for Netflix cancellations this year,” Bloomberg noted. Tesla and SpaceX founder Elon Musk wrote on X, “Donations by Netflix employees could not be more lopsided in favor of the Democratic Party.”