Netflix’s subscriber base is dropping, people are finding new ways to stream their favorite shows, and the Chief Financial Officer of the company is stepping down. All of this points to a potential plummet of profits for the streaming service. With this news and the addition of Walmart, DC Comics, and Disney all starting their own streaming service, the battle for the best platform is soon to begin, and only one will be able to reign as the top grossing.
Today, on Monday, August 13th, 2018, Netflix announced that CFO David Wells would resign from his position as soon as a suitable successor was found for his position. Wells has actively worked with Netflix since 2004, just two years after the company went public. He was promoted to his CFO position in 2018, giving him a substantial 8 year run that has turned Netflix into the powerhouse company that it is today.
While there may be no direct correlation, Wells’ announcement to step down comes just after the Monday opening bell for the market rang, showing that shares in the company were down nearly a full percent. They currently stand at $342.50 per share, but that is sure to fluctuate as the streaming market becomes oversaturated with other rival companies. Additionally, Netflix is losing its rights to stream Marvel movies, a huge hit to their successes. Captain Marvel will be the first movie from the Marvel Cinematic Universe that will not be streaming on Netflix.