[remus]

> It was specifically due to not meeting expected subscriber numbers, prompting a widespread negative reevaluation of Netflix's entire business model.

I'd speculate that those expected subscriber numbers may have been inflated by the covid pandemic.

[lxgr]

“Under the assumption that the growth of 1 billion subscribers per month will continue linearly, we expect that in just two years…”

[crazygringo]

Well, their stock price fell to levels not seen since ~Aug 2017, and obviously COVID-19 didn't happen until, well, 2019.

So while Covid might have been part of it, it's nowhere near the full story.