• News

  • TV & Film

  • PlayStation

  • Xbox

  • Nintendo

  • PC

  • Reviews

  • News

  • TV & Film

  • PlayStation

  • Xbox

  • Nintendo

  • PC

  • Reviews

  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • UNILAD
  • SPORTbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Snapchat
TikTok
YouTube
Threads
Submit Your Content
Netflix Lost Almost One Million Subscribers In The Last Few Months

Home> News

Published 09:24 20 Jul 2022 GMT+1

Netflix Lost Almost One Million Subscribers In The Last Few Months

Oof

Ewan Moore

Ewan Moore

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.

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.

Advert

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.

Featured Image Credit: Netflix

Topics: Netflix, TV And Film

Advert

Advert

Advert

Choose your content:

6 mins ago
3 hours ago
5 hours ago
6 hours ago
  • 6 mins ago

    Fallout fans losing it over huge new map expansion

    What a wasteland

    News
  • 3 hours ago

    Xbox drops 5 free games you can download and play this weekend

    Play some great games for free

    News
  • 5 hours ago

    GTA 6 officially hits PlayStation Store, immediately dominates

    Was there any doubt?

    News
  • 6 hours ago

    Steam gamers warned they've last chance to dive into massive 50+ free download event

    By the time you read this, it may already be too late

    News
  • Netflix subscribers slam Squid Game creator for ending tease: 'thanks for the spoiler'
  • Assassin's Creed fans stunned as Netflix live-action series unveiled
  • The Last Of Us 'trilogy' coming to an end in 2027
  • Netflix quietly adding one of the most controversial anime ever