Welcome back to another edition of BCTV Daily Dispatch Presents… Smart People Being Stupid! Now if you were anywhere near some source of news on Wednesday, then you probably heard that Netflix had the kind of s**t-show day on Wall Street that folks… well, make limited Netflix series about. And somehow Adam McKay is involved. By the end of Wednesday, the streamer was trading down 35% (its biggest one-day selloff since 2004), losing $54 billion in market value in the process. The hit came after co-CEO Reed Hastings reported that Netflix had lost 200,000 subscribers in the first three months of 2022 (a number that would've grown by another 500,000 when factoring in the Russian market being shut off) and an expected 2 million drop in the current quarter. So now, Netflix is pretty much moving ahead with an "everything's on the table" approach as it would appear that the mega-streamer is finally realizing it has real competition. So now you hear buzz about an ad-supported second subscriber tier, cracking down on password sharing, re-evaluating the "binge" practice of releasing series, and more.
Now while those are definitely legit areas of concern for the streamer to be addressing, you can also add into the conversation how Netflix waited too long to take the threat of Amazon, HBO Max, Hulu, and a number of other major & secondary streaming services seriously. In addition, while the need for new content is essential, you could make the argument that companies like Disney and Warner Bros. Discovery taking back ownership of their IPs (like what recently happened with Disney+ and Netflix's previous run of Marvel shows like Daredevil and Jessica Jones) is also hurting Netflix among "comfort viewers." Which is a fancy of calling those who will binge Frasier for the 183rd time over the weekend when they're feeling sick (and during the pandemic, that was a lot of us). And yet, while taking time out from trying to ram his vision of "freedom of speech" down the throats of Twitter folks everywhere, billionaire & "James Bond villain" cosplayer Elon Musk found a way to go at Netflix in a way that made absolutely no sense whatsoever. Because even with the reasons we just listed and the half-dozen others that we could've, Musk believes the streamer's failings are due to it being… wait for it… too woke. In fact, the exact words of his tweet were: "The woke mind virus Is making Netflix unwatchable."
First? Worst. Haiku. Ever. Second… really? Netflix is too "woke"? The streaming service that threw its support (and a crapload of cash they will reportedly never see profit from) behind Dave Chappelle even when he turned his stand-up act into an "old guy yelling at clouds" session and started s**t-talking trans people? If "The Musketeer" thinks Netflix is "too woke" then I hope no one in his inner cabal introduces him to any one of the 3,287 other streaming services currently streaming (and since I wrote that, it's now 3,289). For some reason, I don't think the grief that "The Second Worst State in the Country" is giving Disney has to do with their "conservative values" and "right-wing thinking" (and for the record, that state would be Florida, with Texas still holding the belt as the biggest s**thole state). Now, is Musk the first example of someone being really good at one thing who has so much praise & money dumped on them that they then believe they're experts on everything? Oh s**t no, not by a long shot- and he won't be the last. But it's time we dialed back the "star-f**king" as a pop-culture society, stopped drinking the Kool-Aid, and started calling bullshit for what it is… bullshit (even if that bullshit only runs on electricity).
Now here's a look at today's BCTV Daily Dispatch rundown for Thursday, April 21, 2022:
And let's wrap things up with our BCTV DD long-distance dedication… Metallica "Fuel":