Streaming service Netflix loses subscribers for the second quarter in a row. This should be reflected in the quarterly figures. However, the bloodletting of nearly a million is less than feared.
When it released its quarterly results in April, Netflix had to admit that it was losing subscribers for the first time since its launch in 2011. At that time, there were 200,000. In the second quarter that was just completed, there are already 970,000. Almost a million fewer subscribers, but that is a better result than feared. The company had set its (worst) expectations at two million.
Netflix hopes to regain those subscribers in the next quarter and remains the world’s largest streaming platform. The decline is partly due to increased competition from platforms such as Disney+ and to a part of the audience that started streaming during the lockdowns of recent years but is now moving out earlier.
The company has proclaimed a number of changes to turn the tide. The first of these is a cheaper plan that is supported by ads. In addition, Netflix also wants to prevent ‘password sharing.’ Various households will join forces for their subscription. Finally, Netflix has announced plans for testing in South America, where you pay extra to add more “homes” to your account.