After suffering major setbacks this year, Netflix is considering jumping into the realm of live streaming with a number of unscripted series and comedy specials.
The streaming giant has already confirmed that it will soon roll out the technology for live entertainment, according to Deadline. But as of now, it is in the early stages of development.
If Netflix decides to move forward with the new content, the capabilities would allow subscribers to vote during competition and talent series. And the company would also be able to use it to stream events like Netflix Is A Joke festival in real-time.
Adding live entertainment would make the service more competitive with other famous streamers such as Hulu and Paramount+which already have ways of bringing live content to the screen.
However, there is no word on when Netflix will roll live streaming content out to customers. And as Deadline adds, there is no guarantee that the streamer will move forward with plans. Because the company is still developing the technology, it may decide to scrap the project before we hear more news.
And with the company dealing with a record drop in subscribers and a major legal battle, Netflix is dealing with plenty of other situations that could hold up extending its content reach.
Netflix is Currently in a Legal Battle with Shareholders
Earlier this month, court documents revealed that Netflix is tied up in a fraud case in a California court. According to shareholders, the company had been lying to them about subscriber numbers for six months. And because of that, the investors saw a huge drop in stock price.
Since November 17th, Netflix’s stock value has dropped by 67%. And on April 20th, it saw a historic one-day plummet of 35%, which equaled $54 billion in market capitalization.
The court filings also state that the company failed to “disclose material adverse facts about the company’s business, operations, and prospects.”
Netflix claims that the issues all stem from excessive password sharing and a failing economy. The company also said that the war in Ukraine helped to shrink profits. Because it cut service to Russia, it lost a gain of 500,000 subscribers.
To regain financial security, CEO Reed Hastings has proposed several plans. One is a goal to cut off password sharing to force new customers to purchase their own subscriptions. Another idea that Hastings voiced is to offer an ad-supported package. That way, users can purchase a less expensive subscription while the company brings in more revenue from paid marketing.
Finally, Netflix is cutting down on employee spending. Last week, the company sent out its first corporate culture memo in over five years. And in it, it tightened its rules on wasteful expenditures.