Netflix, the world’s leading streaming service, is facing criticism from some of its subscribers and investors over its recent docuseries that are perceived as having a political agenda. Some of these docuseries include:
- The Fall of the House of Usher, a horror series based on the works of Edgar Allan Poe, that depicts a dystopian America ruled by a corrupt and authoritarian regime.
- Heart of Stone, a spy thriller starring Gal Gadot, that exposes the dark secrets of the global arms trade and its links to human rights violations.
- WeWork, a documentary that chronicles the rise and fall of the co-working company and its charismatic founder, Adam Neumann, who is accused of fraud and mismanagement.
- The Social Dilemma, a documentary that explores the negative impacts of social media platforms on democracy, privacy, and mental health.
Some viewers have expressed their dissatisfaction with these docuseries on social media platforms such as Twitter and Reddit, claiming that they are biased, misleading, or propaganda. Some have even canceled their subscriptions or threatened to do so, citing Netflix’s political stance as a reason.
One Reddit user posted on r/wallstreetbets, a popular forum for stock market enthusiasts, asking if it was time to short Netflix’s stock (NFLX), which means betting that its price will go down. The user wrote: “Time to short NFLX? So many of their docuseries feel like a page out of Practical Radical. I’m starting to hear from people I know people that they have canceled their subscriptions because the content feels like a political message. I’m not political but I’m actually thinking of canceling mine too.”
What is Practical Radical?
Practical Radical is a book by Saul D. Alinsky, a community activist and writer who is considered as the father of modern community organizing. The book, published in 1971, is a guide for social change activists on how to create and run effective grassroots movements. The book outlines 13 rules for radicals, such as:
- “Power is not only what you have but what the enemy thinks you have.”
- “The threat is usually more terrifying than the thing itself.”
- “Ridicule is man’s most potent weapon.”
- “A good tactic is one your people enjoy.”
- “Keep the pressure on.”
The book has been influential among various political groups and leaders, such as Barack Obama, Hillary Clinton, and Bernie Sanders. However, it has also been criticized by some conservatives and libertarians, who view it as a manual for subversion and manipulation.
How does Netflix respond?
Netflix has not officially responded to the backlash over its docuseries. However, some of its executives and creators have defended their work as artistic expression and social commentary.
Ted Sarandos, Netflix’s co-CEO and chief content officer, said in an interview with Variety that he was proud of the diversity and quality of Netflix’s content. He said: “We have a very broad range of tastes and moods that we can appeal to at any given time. And we don’t try to program to please everybody all the time; we try to program to please somebody all the time.”
Reed Hastings, Netflix’s co-founder and co-CEO, said in an interview with CNBC that he was not worried about losing subscribers over political issues. He said: “We’re not trying to do ‘truth to power’. We’re trying to entertain. We can occasionally spark a conversation or a debate — and that’s fine — but we’re not pushing any kind of political agenda.”
Mike Flanagan, the creator and director of The Fall of the House of Usher, said in an interview with Nerdist that he was inspired by Poe’s stories and wanted to create a horror series that reflected the current state of the world. He said: “I think Poe was writing about things that are very relevant today: fear, isolation, madness, paranoia. I wanted to take those themes and apply them to a modern setting where we have a lot of anxiety and uncertainty about our future.”
Tom McCarthy, the director of WeWork, said in an interview with The Hollywood Reporter that he wanted to tell a compelling story about human nature and ambition. He said: “I think WeWork is fascinating because it’s not just about a company or an industry; it’s about a person and his vision. It’s about how he inspired millions of people to join his movement, but also how he betrayed them with his lies and ego.”
What do analysts say?
Analysts have mixed opinions on how Netflix’s docuseries will affect its stock performance and subscriber growth.
Some analysts are bullish on Netflix, arguing that its docuseries are part of its competitive advantage and appeal to a large and loyal audience. They also point out that Netflix has a strong track record of producing high-quality content across various genres and formats.
For example, Michael Nathanson, an analyst at MoffettNathanson, said in a note to clients that he was impressed by Netflix’s content slate and expected it to continue to dominate the streaming market. He said: “Netflix has proven time and again that it can create and distribute massive hits that drive subscriber growth and retention. We believe that Netflix’s docuseries are among its best offerings and that they will attract more viewers and generate more buzz than its competitors.”
Some analysts are bearish on Netflix, arguing that its docuseries are risky and controversial and could alienate some of its subscribers and investors. They also point out that Netflix faces increasing competition from other streaming services that offer more diverse and cheaper options.
For example, Laura Martin, an analyst at Needham, said in a note to clients that she was concerned about Netflix’s political leanings and its impact on its brand and reputation. She said: “Netflix is playing with fire by producing docuseries that are perceived as having a political agenda. We think that Netflix is alienating a large portion of its potential market and creating a negative image for itself. We think that Netflix should focus on creating more neutral and entertaining content that appeals to a broader audience.”
