Netflix LOSES 1 MILLION SUBSCRIBERS in three months in latest setback

Recently, Netflix laid off 150 employees, citing slow revenue growth and subscribers loss as the need to cut costs

PUBLISHED JUL 20, 2022

The Netflix logo is displayed at Netflix's Los Angeles headquarters on October 07, 2021 in Los Angeles (Getty Images)

Netflix is one the biggest streamers in the world, with an extensive library of movies and shows that has led to millions subscribing to the service. However, the streamer has seen a sudden fall in the number of subscribers in 2022. The company recently revealed that it lost nearly 1 million subscribers in three months. IndieWire reported that Netflix lost 970,000 paid subscribers in the second quarter of 2022. However, the loss during the quarter isn't as bad as expected.

Once hailed as the leader of the streaming service world, Netflix has recently endured several setbacks. Netflix revealed it had lost 200,000 subscribers at the beginning of 2022. That was the first time it suffered a loss in a decade.

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Recently, Netflix laid off 150 employees, citing slow revenue growth and subscribers loss as the need to cut costs.

The loss of 970,000 paying customers in the most recent quarter, and which sent its shares plunging, however, was less than expected, leaving the company with just shy of 221 million subscribers. "Our challenge and opportunity is to accelerate our revenue and membership growth... and to better monetize our big audience," the firm said in its earnings report.

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As per IndieWire, despite the quarter ending with a net loss, Netflix continues to retain an impressive 220.67 million subscribers from around the globe. However, Netflix seems to be hopeful and says it knows how to repair the company's recent blunders, and predicts that it will add 1 million more subscribers in the third quarter of 2022.

One of the reasons for this sudden slip is the surge in its monthly plan costs for its users. This dip was an alarm bell for the company that is curently looking into revising its costs.

Netflix executives have also made it clear the company will get tougher on subscribers sharing logins and passwords. "It's great that our members love Netflix movies and TV shows so much they want to share them more broadly, but today's widespread account sharing between households undermines our long term ability to invest in and improve our service," said director of product innovation Chengyi Long in a blog post.