A tweet of Blockbuster's has resurfaced online as Netflix subscriptions continue to plummet.
Despite Netflix being at the height of its popularity during the coronavirus lockdown, it recorded its biggest loss in a decade last month after losing 200,000 subscriptions in Q1.
To rub even more salt in the wound, a Blockbuster tweet is circulating online, absolutely trolling the subscription streaming service and production company.
In 2011, a few years before closure, the home movie and video game rental services provider tweeted: “Tweet why you’re leaving Netflix. The top three most creative tweets using #GoodbyeNetflix will win a 1-year subscription to Blockbuster!”
But now, in the face of Netflix’s downfall, the tweet has re-emerged, with many users commenting that Blockbuster foreshadowed its demise.
One person wrote: “Lol they knew back then”
Another commented: “I would rather pay late fees than pay the monthly Netflix costs.”
A third said: “This aged like very fine wine.”
Aside from surging prices and the service struggling to compete with the other streaming platform, Netflix had also lost 700,000 subscribers following its decision to suspend service in Russia to denounce the country's invasion of Ukraine.
The streaming giant also gained another 500,000 subscribers elsewhere during the past quarter, resulting in their 200,000 loss.
Netflix has responded to its loss of customers by enforcing stricter password-sharing regulations to ensure their subscriptions go back up.
Despite the current dwindling numbers, Netflix CFO Spence Newman predicts subscription growth will increase later this year.
He said: "I want to make sure there's not a read-through from negative two million paid net adds in Q2 that there's going to be a steady strip-down of negative adds.
"We're not expecting our revenue growth to reaccelerate before the end of the year, but we will grow revenue, and there will be paid net add growth.
"As we get to the back half of the year, Ted talked about the stronger slate, we get further away from some of the big price increases, we get into a stronger seasonal period, so I just want to make sure that's understood as you think about the full year even though we're not providing full-year guidance."
Earlier this year, it was reported that Netflix began combating password sharing in countries including Chile, Costa Rica and Peru.Featured Image Credit: Alamy