Netflix has had a terrible 2022
Its stock has tumbled more than 60 per cent so far this year
Yet its recent struggles may not be the start of a downward spiral or the beginning of the end for the streaming giant
Rather, it’s a sign that Netflix is becoming a more traditional media company
Netflix was originally valued as a Big Tech company, part of the Wall Street acronym, “FAANG”, which stood for Facebook, Apple, Amazon, Netflix, and Google
I think Netflix was extremely overvalued,” Julia Alexander, director of strategy at Parrot Analytics, told CNN Business
“Unlike those companies that have different tentacles, Netflix does not have a lot of tentacles” said Julia Alexander
Netflix was never really a tech company, CNN said
Netflix looked a lot more like a tech company than, say, Disney, Comcast, Paramount or CNN parent company Warner Bros. Discovery
Netflix’s former business strategy, which was “once sacrosanct is now being thrown out the window, said Andrew Hare, a senior vice president of research at Magid