Netflix, reeling from a staggering loss of subscribers and tanking of its share price, is working on a livestreaming option for stand-up specials and other content, Deadline reported.
Livestream support could open up huge possibilities for Netflix, opening the door to air live reunions, such as the one recently held by Selling Sunset — a real estate reality show — and enable live voting for competition-based reality shows.
The streaming giant could also use the feature for live comedy specials. Netflix held its first-ever in-person and live comedy festival — Netflix Is a Joke Fest. The event took place in Los Angeles and spanned several days, featuring over 130 comedians, such as Bill Burr, Ali Wong, John Mulaney, and Jerry Seinfeld. Netflix plans to air some of the shows from the event later this month and June. A live option, however, could give home users the ability to watch shows as they unfold.
Disney Plus, among Netflix’s biggest rivals, has already moved into livestreams. In a first for the service, it aired a live showing of the Academy Awards in February. It is also the new home of the celebrity dance competition Dancing with the Stars, which will debut as a live series later this year.
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In its most recent earnings report, Netflix reported losing subscribers for the first time in a decade. On the other hand, Disney Plus added 7.9 million new users in the March quarter.
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To help counter the dip in subscribers and revenue, Netflix plans to introduce a lower-priced ad-supported plan by the end of 2022, much earlier than planned originally, The New York Times reported citing an internal note.
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The streaming service giant also plans to start cracking down on password sharing among subscribers around the same time. Netflix will crackdown on users sharing passwords it is making it harder to grow, the company had said earlier.