10 Things in Tech: Netflix is bleeding subscribers
Hi, friends. Netflix had a hard time last quarter, and Mercedes-Benz just revealed its first electric SUV for the US.
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1. Netflix is bleeding subscribers. According to its quarterly earnings report, the streaming giant posted a net loss of subscribers for the first time in over a decade — and it expects to lose even more this spring.
- Last quarter, Netflix lost 200,000 subscribers — and in its letter to shareholders, the company projected it could lose two million subscribers in the current quarter.
- Netflix cited password sharing (an issue it's recently been trying to crack down on) and growing streaming competition as major headwinds to its revenue growth, adding that growth during the COVID-19 pandemic "obscured the picture until recently."
- It also pointed to world events, like inflation and Russia's invasion of Ukraine, as pain points, as removing its service in Russia cost it 700,000 subscribers.
- Reed Hastings, the Netflix co-CEO, said the company would explore an ad-supported tier "over the next year or two."
In other news:
mapodile/Getty Images
2. You no longer have to wear a mask while in an Uber. In an email to customers, the ride-share company said both riders and drivers can go maskless in cars, and that riders "can always cancel" if they feel uncomfortable. Everything you need to know before your next Uber trip.
3. These DoorDash power players are helping the company beat Uber Eats and Grubhub. Since its founding in 2013, many behind-the-scenes leaders, including its CMO and numerous VPs, have turned DoorDash into the country's largest food-delivery app. Meet the 17 power players here.
4. Jack Dorsey's biggest regret? The death of Vine. Twitter acquired the short-form video platform in 2012, but shuttered it four years later. Now, with TikTok having taken its place, Twitter's founder is feeling pangs of remorse.
5. Is quantum computing really the next big thing? Tech giants are touting the technology's theoretical potential to make a traditional supercomputer look like a slide rule — but the hype about quantum computing's future glosses over the limitations of its present. Here's our guide to Quantum 101.
6. Amazon is facing another union vote in New York City. This time, the vote is taking place at a warehouse just across the street from the Staten Island facility where workers recently voted to unionize. What we know so far.
7. The direct-to-consumer model is struggling. For years, digitally native brands like Warby Parker and Allbirds were able to skip big-box retailers altogether. Now, for most DTC brands, the question of when to start working with brands like Target and Walmart isn't an "if," but a "when."
8. Bizarre Facebook ads claim the host of "Jeopardy!" is embroiled in scandal. The posts lure in readers with the promise of a juicy story on Mayim Bialik — only to deceptively link to a bait-and-switch attempt to sell CBD gummies.
Odds and ends:
Mercedes-Benz
9. Mercedes-Benz just revealed its first electric SUV for the US. Dripping in luxury, the EQS SUV boasts a "hyperscreen" that stretches across the cabin, 64-color ambient lighting, and 373 miles of range. Get a look at the glamorous EQS SUV.
10. Goodbye, jersey numbers. Hello… QR codes? For this year's spring game, the University of Central Florida's football team will have QR codes on the backs of their jerseys, instead of numbers. Here's how the QR code uniforms will work.
What we're watching today:
- Tesla, United Airlines, and others are reporting earnings today. Keep up with earnings here.
- Today is the 50th anniversary of the Apollo 16 moon landing.
- The Wilson Center is hosting a discussion on humanizing emerging tech at 10 a.m. ET.
- AWS Summit San Francisco takes place today and tomorrow.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Michael Cogley in London.
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