Netflix Stops Streaming In Russia As Companies Flee The Country

March 7, 2022

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By Cristian Bustos. Originally published at ValueWalk.

Netflix Inc (NASDAQ:NFLX) has decided to suspend its streaming services in Russia over the country’s war with Ukraine. The move comes almost a week after the entertainment giant refused to air state TV channels and comply with a propaganda mandate on large streamers.

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Suspended

As reported by The Verge, Netflix cited the war as a reason behind the decision, with spokesperson Emily Feingold saying in a statement: “Given the circumstances on the ground, we have decided to suspend our service in Russia.”

Netflix has stopped its streaming services after refusing a Russian mandate to air state TV channels such as Channel One and NTV last week. The government had ordered the airing of 20 state-backed channels displaying war propaganda.

The company has around 1 million subscribers in Russia, and also announced it would suspend every production and acquisition in the country where it had been working on four original products.

Netflix joins a list of other major film industry juggernauts such as Walt Disney Co (NYSE:DIS) Paramount Pictures, and Warner Brothers, which have all delayed new releases.

No More Signups

The streaming giant paused all its four original projects in Russia “including a crime thriller series directed by Dasha Zhuk, which was shooting and has been put on hold,” Variety reports.

As of Monday, no one in Russia will be able to sign up for Netflix. On the other hand, those customers who already have an active subscription will be able to continue using their accounts until the end of their current billing cycle.

Netflix also warns that it will not offer Russian state channels on its platform, despite the fact that this is a requirement of the laws of that territory. The company has taken gradual measures since the invasion of Russian troops on Ukrainian territory.

Netflix is part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founders’ families.