Netflix: on Tuesday, Netflix announced that it had lost more than 970,000 subscribers in the month of April to June. Along with this, the company said that it had projected a loss of of 2 million subscribers in the second quarter, but it was restricted to one million.
However, the company also believes that the bad times are over and the company will witness growth in the coming months, especially in the third quarter.
Losses in the first quarter
So according to reports, in the month of April, the platform had recorded a 2 lakh paid subscriber loss in the first quarter of 2022 which was actually its first in almost a decade. So basically since then, the streaming platform has been suffering losses.
And it’s not just the subscribers but Shares of Netflix fell nearly 67 percent earlier this year.
The Firms Official Statement
And it further said that “It’s our challenge and opportunity are to accelerate our revenue and membership growth by continuing to improve our product, content, and marketing as we have done for the last 25 years, and to better monetize our big audience,”.
Subscriber lost in other countries
Talking about U.S and Canada, the company lost 1.3 million subscribers. While, the numbers stayed unchanged in Latin America.
Lost about 770,000 in Europe and West Asia.
Grew by about 1 million subscribers in the Asia Pacific region including India.
Where Revenue climbed by 9% year on year, from $7.3 billion in 2021 to $7.97 billion this quarter.
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Reasons….
While the first major cause of this loss is, that Netflix is struggling to attract new sign-ups – and maintain their existing members.
Secondly, The company also faces competition from Apple TV, Amazon Prime, HBO Max and Disney+.
Thirdly, the company’s move to make its service more expensive has also backfired and become a negative aspect.
Nevertheless, Netflix is still the leader in video streaming.
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