Additional Coverage:
- Netflix saw highest day of cancellations this year after co-founder’s $7M donation to Harris campaign: report (foxbusiness.com)
Netflix has reportedly experienced a significant surge in subscription cancellations following co-founder Reed Hastings’ donation to Vice President Kamala Harris’ campaign.
The cancellations reportedly tripled in the U.S. after Hastings’ donation, according to the research firm Antenna.
Hastings’ endorsement of Harris and the revelation of his donation in July sparked calls from former President Trump’s supporters to cancel Netflix subscriptions.
Bloomberg reported that the cancellation rate in July surpassed that of any month since February 2024, attributing it to the company’s announcement of phasing out its lowest-cost option.
However, Bloomberg noted an unusual surge in cancellations during the five days after Hastings’ endorsement, with July 26 being the worst day for cancellations this year.
Hastings has been a prominent Democratic donor, calling for President Biden to step down after his debate performance. He has also made substantial donations to California Democratic candidates.
It remains unclear if Harris’ endorsement has impacted Netflix beyond the initial surge in cancellations. The company’s next financial report is expected in October.