Netflix shares fall 5% as Goldman downgrades streaming giant

Streaming service has lost subscribers as rising cost of living leaves little for public to spend on entertainment

Shares in  Netflix fell by as much as 5% in the latest session after Goldman Sachs downgraded the streaming giant, which is facing a slowdown in consumer spending and tough competition from Amazon and Walt Disney. 

The streaming pioneer in April lost subscribers for the first time in more than a decade in a sign of troubled times ahead for the industry as rising prices of food and energy left people with little to spend on entertainment.