People are cancelling Netflix subscriptions for several reasons, including a political backlash against co-founder Reed Hastings' $7 million donation to a super PAC supporting Kamala Harris' presidential campaign, which has led many Republican subscribers to view the company as endorsing her views and prompting a social media movement to #CancelNetflix[1][2].
Additionally, Netflix faces intense competition from other streaming services, which is affecting its market position[3]. Rising subscription costs, now at $15.49 for the standard plan, have deterred customers, especially as they adapt to post-pandemic life and prioritize budgeting due to a high cost of living[3]. Furthermore, viewers express dissatisfaction with the variety of content, feeling inundated with offerings that do not align with their preferences, which complicates subscriber retention[3]. Overall, these factors have contributed to significant subscriber losses, marking the biggest decline in the company's history[3].
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