2022 hasn't been the best year for Netflix so far. Despite the huge success of Stranger Things 4 this summer, the streaming giant has been bleeding subscribers in a big way - and it hasn't gotten any better yet.
A quick recap of Netflix's year up till now: The company recorded its biggest loss in nearly 10 years back in April, and soon after managed to wipe $50 billion of its value in less than 24 hours.
Unfortunately, Netflix's Q2 earnings report paints an even bleaker picture, showing that it lost nearly one million subscribers between April and June.
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As per the streaming service's latest report, there were 220.67 million subscribers at the end of June, down from 221.64 million the previous quarter. That's a loss of around 970,000 subscribers - considerably more than the 200,000 loss the company recorded the previous quarter.
It's not all doom and gloom for Netflix, however. CFO Spence Newman had previously braced himself for a loss of two million this quarter, and the company's revenue was up 9 percent year-on-year.
Last quarter Netflix attributed many of its struggles to pulling out of Russia in response to the war in Ukraine, as well as password sharing - something the company has started tacking action against with new measures. It's also worth noting that many countries around the world are hurtling towards - or already in - a cost of living crisis. Not everyone can afford Netflix right now.
In a letter to shareholders, Netflix stated that it had "had more time to understand these issues, as well as how best to address them," while reminding investors about its measures to tackle password sharing, as well as its upcoming ad-supported subscription tier.
Netflix is currently projecting it'll get those one million subscribers back next quarter, mostly thanks to the mega hit that was Stranger Things 4. With that said, it's still only expecting 5 percent growth in Q3.
Topics: Netflix, TV And Film