Home news Netflix loses 970,000 subscribers, its largest quarterly loss ever

Netflix loses 970,000 subscribers, its largest quarterly loss ever

by George Mensah
netflix..slashbeats

Netflix lost only 970,000 subscribers during the three-month period ending June 30. Last quarter, the company forecasted a net loss of two million subscribers for the second quarter. While today’s results exceeded expectations, they still represent the company’s largest quarterly loss in history.

The company reported 220.67 million subscribers and expects to add one million more in the third quarter.

Netflix has spent several months revising its business strategy in order to prepare for the challenges that it expects to face. The company laid off approximately 450 employees, announced a lower-cost ad-supported subscription plan through a new partnership with Microsoft, and put a stop to password sharing.

Netflix announced today in a letter to shareholders that the ad-supported tier will be available in early 2023. In addition, the paid sharing offering will be officially launched next year.

Netflix announced yesterday that it is testing a “add a home” feature that will charge an additional $3 for accounts shared with other households.

If you’ve been following our streaming coverage, you’re aware that Netflix is having a disastrous year. The company reported in April that it had lost 200 million subscribers in the first quarter of 2022, the first significant loss in more than a decade.

This year, Netflix’s stock has dropped by approximately 70%. In less than a year, the market’s valuation has dropped from $300 billion to under $90 billion. Netflix shares rose 8% after the company reported that it lost fewer subscribers than expected.

Aside from its flaws, the streamer received fewer Emmy nominations this month than HBO and HBO Max, despite offering more programming. HBO received 140 nominations to Netflix’s 105, highlighting the streaming giant’s decline in quality entertainment.

Stranger Things season four was a big hit with subscribers, with the company boasting that it was the most streamed English-language show in its history, with 1.3 billion hours viewed.

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To accelerate growth, Netflix is betting on a more robust content slate. The new season of The Crown, as well as the $200 million action film The Gray Man starring Ryan Gosling and Chris Evans, will be available on the platform soon. The company also announced a new Squid Game reality game show with the largest cash prize and cast in reality TV history.

Into the Breach, a mobile game by Netflix, was released today. The new title is ideal for mobile gamers who enjoy strategy games with enemies, battles, and other features.

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