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Reed Hastings Just Threw Major Shade at the Rest of the Streaming Industry. Here's What You Need to Know

Reed Hastings Just Threw Major Shade at the Rest of the Streaming Industry. Here's What You Need to Know

For years, Netflix (NASDAQ: NFLX) dazzled both its audiences and investors, but more recently it's become fashionable to trash the streaming pioneer. Wall Street largely bought into this narrative, especially after Netflix lost subscribers in the first two quarters of 2022, and the stock had lost more than 75% of its value at one point this year. In the letter to shareholders, which has historically been written by co-CEO Reed Hastings, the company took a moment to remind investors that Netflix is still head and shoulders above the competition, despite criticism that the streaming industry has become commoditized.