Things have not been great for Netflix, Inc. lately. The company’s ambitions have sent a few obstacles in its direction.
In the space of a few days, the movie streaming company managed to disappoint viewers, lose a significant portion of its share value and now has to fend off a number of formidable rivals.
The company saw its shares fall by around 9 percent in value by Wednesday this week.
No More Epix from Netflix
The streaming giant recently announced that it will no longer be partnered with Epix cable station after the end of their contract. This, according to the company, will be done to provide its viewers with better and more original titles. The company has grown tired of competing with other entities which simply offer the same content.
The five year Epix contract’s termination means Netflix will no longer offer movie titles such the much-loved Hunger Games franchise and World War Z.
Apple to Compete with Netflix
The company is not alone in the race for original content. iPhone and Apple TV maker Apple Inc. announced that it too will endeavor to make original content for its consumers. Apple’s announcement came before the open on Wednesday and resulted in significant share price drop on Netflix’s part.
Rival Hulu announced on Wednesday that it would soon provide an ad-free streaming service to its customers. The venture should serve well in setting it apart from Netflix and other major competitors like Amazon.
The race is on for more original and entertaining content is on. Netflix shares similar ambitions with the likes of Amazon and Hulu, who wish to set themselves apart from their competitors as well. Apple reported it plans to stand as a formidable rival against Netflix by the end of 2016.