No wonder Netflix is bleeding subscribers – it’s become the new cable

The company has blamed password-sharing and the war in Ukraine for its plight. But the real problem might be its programming

After years of exponential growth, Netflix reported on Tuesday that it had lost subscribers for the first time in more than a decade. The announcement spooked Wall Street and sent shares plummeting more than 35%, erasing more than $50bn in market capitalization from a company whose stock was already down more than 40% on the year.

To explain the downturn, Netflix posited everything from the war in Ukraine to people sharing passwords. But what if the reason is much simpler - that Netflix just isn't really making much people want to see any more?