How many are subscribing to competitors to watch backlog? If they are, it's going to be short lived where folks subscribe for a month or two, hit the target backlogs in binge mode, and move along.

I have a few streaming services and rarely ever am I watching old content (the key stuff I've already consumed). I subscribe to services for their new content, not their old catalog. Maybe I'm the exception and not the norm of the typical subscriber.

I blame the lack of investment in target shows and focus on broad short lived and quickly canceled shows to the decline. I understand their business model catering to short attention spans but it puts me off a large swath of their content. Unless it's a movie or mini series with full conclusion, I tend to skip right over the content anymore no matter how interesting the story may seem to be. The last thing I want is to get drawn in and invested in a story only to have wasted my time and have the remainder canceled. Entertainment is part of it but many people want a beginning to end story of some sort. If you want to cater to short attention spans, good luck competing with YouTube, Facebook, and TikTok content.