Netflix lost nearly a million subscribers in the last quarter

Well, it’s never good news when a subscription business loses almost a million customers in the space of three months. But when you expected to lose two million customers in that time, there’s at least a silver lining to all of this.

This is where Netflix finds itself today. Announcing its second quarter financial results, it revealed that it lost 970,000 subscribers during the period. But Netflix had previously said it expected to lose 2,000,000 subscribers in the second quarter of 2022, meaning it exceeded its forecast by more than 1,000,000 subscribers. Netflix shares rose about 8% in after-hours trading, according to NBC.

In the first quarter of 2022, Netflix lost around 200,000 subscribers, their first net user loss in a quarter in more than a decade amid growing competition from new streaming services like Disney+, HBO Max and Paramount+.

Netflix was surely boosted during the quarter by the long-awaited return of one of the company’s most popular shows: Strange things. Its fourth season premiered in May after a nearly three-year break between new episodes. And Netflix also split the season into two parts, with the second debuting on July 1, which likely helped keep people who signed up just to watch. stranger things around for a few more months.

Netflix said it plans to boost revenue in the future by adding its first ads, offering customers the option to subscribe for a lower monthly price if they’re willing to watch their shows and movies with breaks. advertisers. They also announced plans to crack down on password sharing, which plagues subscribers and their children, ex-boyfriends and colleagues.

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