CNN shuts down its streaming service less than a month after its launch
The business will instead focus on its core divisions such as news and building CNN Digital - the company's online entity.
CNN’s parent company is shutting down its CNN+ streaming service just a few weeks after its highly anticipated launch.
After being touted as CNN’s bold entry to the so-called “streaming wars”, the service will cease operating on 30 April, the company said in a statement.
The network originally intended to invest more than $1bn into the platform over the next four years.
But at any given time, there were reportedly fewer than 10,000 people using the service following its launch.
"CNN will be strongest as part of WBD’s streaming strategy which envisions news as an important part of a compelling broader offering along with sports, entertainment, and nonfiction content,” said Chris Licht, CNN’s worldwide chairman and chief executive in a statement. “We have therefore made the decision to cease operations of CNN+."
The head of CNN’s digital streaming strategy, Andrew Morse, will step down when the service ends, the company said.
The business will instead focus on its core divisions, such as news and building CNN Digital, the company’s online entity.
It comes as the market reels from Netflix’s announcement that it had lost 200,000 subscribers in the first three months of 2022, the first time it had seen such a decline in more than a decade.
The streaming giant is currently the worst-performing stock on the S&P index, wiping off more than $50bn from the company’s market value.
One of America’s most famous investors, Bill Ackman, sold his $1.1bn investment in Netflix on Wednesday, just three months after his hedge fund purchased the shares.
He lost more than $400m in the sale.
Netflix placed some of the blame for the drop in subscribers on family members sharing the same account, something that the company has recently started to crack down on.
But analysts say that the battle between the titans of streaming - which now include the likes of Apple, Amazon, HBO, Hulu, and Disney - is another reason for a hit to its subscriber numbers.
There have been growing concerns for some time that after more than a decade of meteoric growth, Netflix would eventually start to see a drop off in subscribers as its competitors strengthened their offering.
After being touted as CNN’s bold entry to the so-called “streaming wars”, the service will cease operating on 30 April, the company said in a statement.
The network originally intended to invest more than $1bn into the platform over the next four years.
But at any given time, there were reportedly fewer than 10,000 people using the service following its launch.
"CNN will be strongest as part of WBD’s streaming strategy which envisions news as an important part of a compelling broader offering along with sports, entertainment, and nonfiction content,” said Chris Licht, CNN’s worldwide chairman and chief executive in a statement. “We have therefore made the decision to cease operations of CNN+."
The head of CNN’s digital streaming strategy, Andrew Morse, will step down when the service ends, the company said.
The business will instead focus on its core divisions, such as news and building CNN Digital, the company’s online entity.
It comes as the market reels from Netflix’s announcement that it had lost 200,000 subscribers in the first three months of 2022, the first time it had seen such a decline in more than a decade.
The streaming giant is currently the worst-performing stock on the S&P index, wiping off more than $50bn from the company’s market value.
One of America’s most famous investors, Bill Ackman, sold his $1.1bn investment in Netflix on Wednesday, just three months after his hedge fund purchased the shares.
He lost more than $400m in the sale.
Netflix placed some of the blame for the drop in subscribers on family members sharing the same account, something that the company has recently started to crack down on.
But analysts say that the battle between the titans of streaming - which now include the likes of Apple, Amazon, HBO, Hulu, and Disney - is another reason for a hit to its subscriber numbers.
There have been growing concerns for some time that after more than a decade of meteoric growth, Netflix would eventually start to see a drop off in subscribers as its competitors strengthened their offering.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
