With this move, Netflix has followed the likes of YouTube, Twitter and Meta in blocking Russian channels like RT and Sputnik.
Amid its Ukraine invasion last month, Russia continues to face strong isolation from global conglomerates. Video streaming services giant Netflix Inc (NASDAQ: NFLX) has indefinitely announced the suspension of its services in Russia.
Netflix in Russia
The company announces that it will pause all future projects and acquisitions from Russia. The move comes amid the violent attacks carried out by Russia which extends its grip on Ukraine every passing day. Netflix has more than 1 million active customers in Russia.
However, it remains unclear whether Netflix will only suspend the subscriptions or remove them entirely. In a statement, the video streaming giant said:
“Given the circumstances on the ground, we have decided to suspend our service in Russia”.
Last week itself, Netflix started taking a tough call on its Russia operations. Declining Russia’s statehood policy, Netflix refused to stream state-owned channels on its platform. Netflix also refused to collaborate with the Russian administration to broadcast certain channels.
With this move, Netflix has followed the likes of YouTube, Twitter and Meta in blocking Russian channels like RT and Sputnik. Additionally, short video service TikTok also took similar measures on Sunday. TikTok decided to suspend live-streaming and uploading new videos in Russia. The China-based company noted:
“In light of Russia’s new ‘fake news’ law, we have no choice but to suspend live-streaming and new content to our video service while we review the safety implications of this law. Our in-app messaging service will not be affected.”
Entertainment Industry Joins Hands to Boycott Russia
The entertainment industry dominated by America’s Hollywood has decided to boycott Russia. Some of the major studios from Hollywood said that they would not be releasing upcoming movies in Russia. This includes Warner Bros.’ “The Batman,” Disney/Pixar’s “Turning Red” and Sony’s “Morbius.”
Russia has been facing major economic sanctions following its attack on Ukraine. Analysts believe that this could lead to far-reaching long-term consequences for the aggressor. Some of the top financial firms like Visa and Mastercard have announced exit from Russia. On the other hand, Moody’s has downgraded the country’s credit rating to “junk”.
It is a bold step, however, from Netflix considering that it has been facing challenges with keeping its revenue rolling forward. On the other hand, Netflix also recently announced that it will make its 2015 documentary “Winter on Fire: Ukraine’s Fight for Freedom,” available to watch for free.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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