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Netflix joins other companies ceasing their services in Russia, TikTok follows

With this move, Netflix has followed YouTube, Twitter and Meta, blocking Russian channels like RT and Sputnik.

Amid its invasion of Ukraine last month, Russia continues to face severe isolation from global conglomerates. Video streaming services giant Netflix Inc (NASDAQ: NFLX) has announced the indefinite cessation of its services in Russia.

Netflix in Russia

The company announces that it will pause all future projects and acquisitions from Russia. The move comes amid violent attacks by Russia, which is expanding its grip on Ukraine by the day. Netflix has more than 1 million active customers in Russia.

However, it remains unclear whether Netflix will only suspend the subscriptions or remove them altogether. In a statement from the video streaming giant called:

“Given the circumstances on the ground, we have decided to suspend our service in Russia.”

Last week itself, Netflix began cracking down on its Russia operations. Netflix rejected Russia’s statehood policy and refused to stream state channels on its platform. Netflix also refused to cooperate with the Russian government to air specific channels.

With this move, Netflix has followed YouTube, Twitter and Meta, blocking Russian channels like RT and Sputnik. The short video service TikTok also took similar measures on Sunday. TikTok has decided to suspend live streaming and uploading of new videos in Russia. The China-based company noted:

“Faced with Russia’s new ‘fake news’ law, we have no choice but to suspend live streaming and new content for our video service while we assess the security implications of this law. Our in-app messaging service is not affected.”

Entertainment industry joins boycott of Russia

The entertainment industry, dominated by America’s Hollywood, has decided to boycott Russia. Some of the big Hollywood studios said they would not release upcoming films in Russia. That includes Warner Bros.’ The Batman, Disney/Pixar’s Turning Red and Sony’s Morbius.

Russia faces heavy economic sanctions after its attack on Ukraine. Analysts believe this could lead to far-reaching long-term consequences for the attacker. Some of the leading financial companies such as Visa and Mastercard have announced their exit from Russia. On the other hand, Moody’s has downgraded the country’s credit rating to “junk”.

It’s a bold move by Netflix, though, considering it’s faced challenges trying to sustain its revenue. On the other hand, Netflix also recently announced that it will make its 2015 documentary Winter on Fire: Ukraine’s Fight for Freedom available to watch for free.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and has a keen sense of understanding the financial markets. His interest in economics and finance draws his attention to the emerging blockchain technology and cryptocurrency markets. He is continuously in a learning process and motivates himself by passing on the knowledge he has acquired. In his spare time he reads thriller fiction novels and sometimes explores his cooking skills.

https://www.coinspeaker.com/netflix-suspending-services-russia-tiktok/ Netflix joins other companies ceasing their services in Russia, TikTok follows

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