World’s largest video streaming platform Netflix lost a huge number of subscribers in the first quarter. The company lost big number of subscribers in the first 3 months of 2022. This fact came out in the report published by the company. This time platform has lost the most subscribers of this decade.
The trend of losing Netflix customers has not stopped yet, it continues in the second quarter as well. According to a recent public report, has lost an additional 1 million subscribers between April and June.
On the other hand, the company is forced to reduce the number of employees due to the continuous loss of customers.
Many of the users who leave Netflix are from the United States and Canada. Users in European countries are also leaving the platform.
The company had prepared to bring an ad-revenue model in collaboration with Microsoft a few weeks ago. In this model, the company will be able to earn through advertising. This plan is coming to make the subscription plan cheaper. The company believes that this will increase the number of customers.
Similarly, Netflix introduced an arrangement for subscribers who shared passwords to be able to log in only on some limited devices. As a result, the number of subscribers has decreased, according to the report.
Netflix is also planning to lock out or remove customers who do not pay the fees under the subscription plan.
The company disclosed the increase in income in the report. However, due to various reasons, the number of subscribers has decreased drastically, which may not be pleasant for Netflix.
Netflix looks set to face tough competition in the world of the video streaming industry in the near future. Companies like Disney Plus, Paramount Plus, Adbo Max are also emerging at a fast pace.
Paramount’s subscribers increased by 40 million in the last quarter alone. Likewise, HBO Max’s subscribers increased by 13 million, while Disney Plus’ subscribers increased by 8 million.