Printed on Sun Aug 07 2022 6:52:07 PM

Netflix lost subscribers for the first time

Entertainment Desk
Entertainment
Netflix subscribers
Netflix, For the first time in more than a decade, the number of subscribers has dropped.

The streaming company lost 200,000 subscribers in the first three months of this year. This information was confirmed on Tuesday, April 19.

The company has recently closed its operations in Russia. As a result, they have increased subscription charges or service prices in other major consumer countries, including the United States and the United Kingdom. After that, the number of subscribers started decreasing.

Netflix fears that the losses may increase further. The company has already indicated that it will take strict action against account sharing.

In a letter to shareholders, Netflix said the "whole picture is very vague" as the number of new subscribers increased during the pandemic.

The letter also warned shareholders that another 2 million subscribers could leave in the next three months from next July.

Even the company's quarterly report states, "Our revenue growth has been slow enough."

Netflix withdrew from Russia in response to the Russian aggression in Ukraine. The company lost about 700,000 customers.

Netflix also says it has lost another 600,000 subscribers from the United States and Canada since the price hike.

Read More: Netflix is ​​coming up with a new strategy

Netflix is one of the world's leading entertainment services with 222 million paid memberships in over 190 countries enjoying TV series, documentaries, feature films and mobile games across a wide variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and resume watching, all without commercials or commitments.

 
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