Netflix keeps breaking new viewership records while at the same time its subscriber growth is stalling out

Puck writes about the diminishing returns of streaming hits:

In fact, 50 percent of all of Netflix’s Top 10 English-speaking debuts premiered in 2022, including Ozark’s fourth season and Bridgerton’s second season. It’s an impressive feat, and yet it’s entirely discordant with the fact that Netflix also had arguably its worst year on record. The company lost subscribers in its second and third quarters, and gained only 100,000 subs in the U.S. and Canada in its most recent quarter. And, despite a recent rebound, its stock is still down some 50 percent from a year ago. Netflix is projecting subscriber growth of 4.5 million in Q4, about half the number that joined in Q4 2021. Revenue has slowed alongside subscriber growth, and churn rates are still higher than normal at the company.