NEWS: Netflix Reports Biggest Loss of Subscribers in 10 Years

At this point, exactly how many streaming services are there?

©Netflix

While Netflix has generally been considered the leader of the streaming industry, the company has been facing some issues such as missing their quarter goal by millions in 2021 and recently Disney+ was projected to have more subscribers than Netflix by 2026. Now it looks like subscriber growth has slowed, and here’s what we know.

Bloomberg reported that after over a decade of significant growth, Netflix saw an exodus of 200,000 customers in the first quarter of 2022, which is also the first time it has lost customers since 2011. Netflix is projecting that it will lose 2 million more customers in the second quarter, which would mark 2022 as the worst year for the streaming giant (as a public company).

©Netflix

Although it was already expected for Netflix to begin the year with a slow start, Wall Street previously expected 2.5 million customers to be added to Netflix. Netflix’s shares have dropped over 40% in 2022 as future subscriber losses have since been predicted.

©Bloomberg

According to Bloomberg, Netflix blames specific causes for this drop in subscribers, including password sharing, a recent price increase, and increased competition. Netflix reported that over 100 million households use Netflix without paying for it, out of their total 221.6 million subscribers.

Stranger Things ©Netflix

Netflix Co-Chief Executive Officers Reed Hastings and Ted Sarandos pointed to the unusually strong growth they experienced due to the COVID-19 pandemic as obscuring the big picture, and although subscriber growth has slowed, Netflix has not yet returned to its pre-pandemic subscriber count.

Netflix lost over 600,000 subscribers in the U.S. and Canada, and over 700,000 customers when Russia invaded Ukraine. But, due to the popularity of the South Korean series All of Us Are Dead, the company did gain over 1 million subscribers in Asia.

Viola Davis ©Netflix

Bloomberg predicts that Netflix’s subscriber issue could cause investors to reconsider the potential successes of newer media companies, but at this time Netflix is still the “largest streaming service in the world,” and the leader of most streaming services outside the U.S.

We’ll be watching this developing situation closely. Keep following AllEars for more news.

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One Reply to “NEWS: Netflix Reports Biggest Loss of Subscribers in 10 Years”

  1. It seems every show i enjoyed on Netflix has ended or the time between season is so long. Been considering canceling my subscription since the last price increase. find many more shows to watch on Disney+ and HBOMAX, Amazon I get for free. Netflix just isn’t providing interesting content. Rather direct that money and get Paramount+ if only for the Star Trek series.