(Bloomberg) -- The media industry is being shaken by the shocking drop in Netflix Inc. subscribers.
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Walt Disney Co. fell 3.2% in extended trading at 4:09 p.m. New York time. Other media companies with big streaming operations tumbled in sympathy, including Warner Bros. Discovery Inc. down 1.6%, Paramount Global down 1.9% and Spotify Technology SA down 1.8%. Comcast Corp. was little changed.
Netflix’s forecast for a loss of two million subscribers in the current quarter is likely to prompt analysts to rethink their forecasts for the entire industry. Companies like Disney, which has three large streaming businesses with Disney+, Hulu and ESPN+, have seen the shares move along with subscriber sign-ups and changes in long-range forecasts. Now the industry leader is suggesting a plateau of subscribers may be at hand, particularly in the U.S. market, where Netflix reported its largest subscriber drop in the first quarter.
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