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this post was submitted on 26 Nov 2023
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Asklemmy
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Nobody did that in net change numbers.
If your theory was right, Netflix is succeeding because Saudi billionaires from the 1% bought up thousands of Netflix subscriptions to make up for the average Joe from the 99% that unsubscribed.
What really happened was that when they added household restrictions they saw a net increase in subscriptions, not from the 1%, but from the 99%.
While the concentration of wealth has significant effects on opportunity and access to capital, it means pretty much jack shit to access to revenue, which is dictated by mass spending and very susceptible to voting with your dollar.
We literally just saw a company hit hard by people voting with their dollar, with one of the largest alcoholic beverage companies taking a significant loss because they pissed off two sides of the market with their behavior, with effects still going on today.