Netflix’s stock has tanked because its forecasted revenue growth is expected to decline by half to +10% y/y for the first half of 2022 down from +19% during 2021. 10% growth is not bad, but global paid memberships are expected to decline from a 2021 high. The company attributes this to new competition plus the fact that its household penetration (when including all the people sharing their accounts) is maxed out. Globally, Netflix estimates that its subscriptions are shared with 100 million additional households. To improve sales, the company plans to improve its content and to start charging for those sharing with friends & family for free.