Netflix loses subscribers for first time in 10 years
Netflix is experiencing a declining subscriber base for the first time in ten years. In the first quarter of 2022, the streaming service lost 200,000 subscribers, according to the quarterly figures. An additional 2 million subscribers are expected to drop in the second quarter, despite the return of popular series such as Stranger Things and Ozark.
Netflix thought it would add 2.5 million new subscribers in the first three months of the year. According to the company, the decline is due to several factors, including inflation, the war in Ukraine and the end of the corona pandemic. During the lockdown, more people took out a subscription, but now that everyone is sitting at homeless, that is improving. In addition, the growing competition from services such as HBO Max, Disney+, Prime Video and Hulu is highlighted.
Breaking: Netflix lost 200,000 global subscribers in the first quarter and expects to lose 2 million more this spring. Shares fell 17% after hours. https://t.co/91Q5iNj4L2
— The Wall Street Journal (@WSJ) April 19, 2022
Despite the decline in subscribers, Netflix’s revenue has increased by 10 per cent, which amounts to around 7.3 billion euros. The company is still the largest streaming platform with 221.6 million subscribers worldwide.
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