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Can someone ELI5 why launching a streaming platform out of all things is causing the stock to drop?
Video hosting is wildly expensive and unprofitable. Even Youtube, by far the most successful video hosting platform on earth, backed by the technical giants at Google, who literally own a "make money on the internet" engine, lost lots and lots of money for a decade.
Its not a good buisness to get into if all you have experience with is a Mastadon fork where you already spend 50mil/yr to make 5 mil/yr.
Probably because of expected expenditures; creating and hosting a streaming platform isn't cheap, and if you have a company that already seems to be floundering, announcing "we're going to spend a boatload of money we don't have" doesn't instill confidence.
It's probably unrelated. The stock dropped before and after the announcement.
An old Stock Market adage is "Buy on rumor, sell on news". It's possible that some people were anticipating a larger announcement, and sold when they saw what the announcement actually was.
Or, it just went down because it is a bad stock to own, and it's just a coincidence there was a press release at the same time.