Is there any real competition for adults? They lost customers because they raised prices and the pandemic is over. Doesn't seem like a long term issue.
They will also likely pad short term results by gradually tightening sharing to make up for the lost members.
HBO Max, Hulu/Disney, Paramount+
Netflix is also losing a lot of content they licensed as it’s returning to platforms of the content holders. Content has become much more expensive and harder to obtain, popular shows are getting canceled because they can’t afford it, low quality streaming unless you pay for the highest tier (and IME quality is terrible even for the highest tier).
Without a better content strategy it’s hard to see how they retain current customers at current prices, let alone retain them at higher prices while reducing their offering.