There are multiple trends impacting Netflix, including the easing of the Covid-19-related tailwinds and mounting competition with the likes of Apple, Disney, and Paramount gaining much traction with their respective streaming products. It’s also possible that high levels of inflation are impacting subscriber growth, particularly in lower-income markets, where rising prices could be hurting discretionary spending. For example, the company has more than doubled its subscriber base since 2017, despite hiking prices four times over the period, with its churn rates remaining the lowest in the streaming business.