I Canceled My Netflix Subscription: Why It’s Not in My Budget Anymore

why I canceled my netflix sub

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You might remember a time when “Netflix and chill” was just a catchy phrase, but this service has transformed how you consume movies and TV shows.

Imagine, back in 1997, Netflix entered the movie rental industry, generally unnoticed under the shadow of giants like Blockbuster.

They took a gamble and shifted to streaming, which paid off big time. They’ve made quite a journey from being a fledgling rental service to a juggernaut in streaming.

Think about this: It took Netflix almost a decade to become profitable, bagging over $80 million in 2006 with a solid 6.3 million subscribers.

Fast forward to 2021, and they’re raking in more than $30 billion with a staggering 209 million subscribers. That’s some serious growth.

With such financial success, you might wonder what Netflix’s next move will be.

Expansion into different realms of entertainment could be on the cards, given the trajectory.

However, it’s not all smooth sailing. Remember those days when there was no real competition in streaming? Well, those days are long gone.

Competition on The Rise

  • 2019: Netflix owned 44.4% of the US over-the-top TV market’s revenue.
  • 2020: The market share dipped to 36.2%.
  • 2022: Their slice further shrunk to 28.4%, nearly equal to that of Disney.

Market share isn’t the only thing showing signs of trouble. Netflix’s subscriber count dropped, affecting its stock market value significantly.

It went from being worth around $267.46 billion to almost half that by the end of the year.

Subscription Shake-Up

  • Pricing: Last year, U.S. prices spiked by $1 to $2 across different plans.
  • Password Sharing: Netflix tried to clamp down on shared accounts by pushing users to get individual subscriptions.

User Experience vs. Revenue

These moves aren’t accidents; they’re part of a pattern leaning towards prioritizing financial gains over user enjoyment.

With these changes, you could feel like you’re not just watching TV but also being watched, especially with location tracking tied to new anti-password sharing measures.

Facing backlash, Netflix put their U.S. policy changes on hold. But elsewhere, the crackdown is in full swing.

It’s clear—Netflix is adapting, focusing more on their investors’ interests. Prices are going up, and they’re tightening the reins on account use, nudging you towards spending more.

You might want to ask yourself if sticking with Netflix is still worth it, given the rise in competition, changes in service, and your concerns about privacy and value.

There’s an array of streaming services out there to explore. Perhaps it’s time to find one that aligns better with what you’re looking for, be it a more appealing catalog, pricing, or respect for user privacy.

After all, you deserve a service that values you as much as their bottom line.