Netflix is trying to get ahead of the downfall.
Problem is netflix has increased pricing 250% in 24 months. They have very little valuable IP. They experienced a huge surge during covid and got customers they probably wouldn't have had otherwise. Competition is becoming fierce in the market and they lost a lot of content to that competition. On the movie side, they have gone with creating low budget movies with low budget actors and paying bar musicians to cover hit songs just enough to avoid having to license, etc, etc. It gives instant content but then fade to obscurity really quickly.
All the people that unplugged so they didn't have to pay $100/mo cable fees are now paying $20/mo to netflix, $65/mo to youtubetv, then have Disney, Amazon, HBO, Peacock, Discovery+, etc, etc, etc.
Netflix avoiding sports and live tv is going to really hurt them.
What we are likely to see is Netflix slowly expanding globally and then peaks and valleys in the USA/Europe. People are going to cancel and resubscribe a few times a year. Watch the content they want to watch then kill the subscription, rinse and repeat.
Whole market isn't taking a dump. The DOW, SP and small caps are all up. What is taking a dump is all the stocks with insane evaluations and stocks that benefitted from Covid restrictions.