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EveryTechEver > Blog > Mobile > Netflix lost 200,000 customers for the first time in a decade
Mobile

Netflix lost 200,000 customers for the first time in a decade

RV Cuarto
Last updated: April 20, 2022 6:48 PM
RV Cuarto
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Netflix released its quarterly report yesterday, and the results for the months of January and March were underwhelming. The streaming service was projected to gain 2.5 million customers in the first three months of the year but instead lost 200,000. Netflix,

The company blamed inflation, the Ukraine conflict, and intense competition, and forecasted even more losses in the future, signaling a sudden turn in fortune for a streaming firm that thrived during the pandemic.

“The number caused the company’s stock to plummet by nearly 25% in after-hours trade.”

Netflix CEO Reed Hastings stated that he dislikes “the complexity of advertising” and favors “the simplicity of subscription,” but that he is also “a supporter of consumer choice,” implying that the business is considering introducing a cheaper ad-supported tier.

Netflix had 4 million paying subscribers over the same January-March period in 2021, but only 0.5 million this year. However, since leaving Russia, the network has lost 700,000 members, resulting in a net loss of clients for the first time since October 2011.

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The primary hurdle ahead is the soft acquisition, but Reuters points out that Netflix is now paid by 100 million households in the United States, and the firm should try to expand into other regions. Rivals such as HBO Max and Disney are also putting up a tough fight.

netflix
Stranger Things Season 4 Set to Premiere in 2022

Despite the reintroduction of huge titles like “Stranger Things” and “Ozark,” all major streaming services are projecting slower growth, with Netflix predicting that 2 million more users will cease paying in the next three months.

These figures resulted in a dramatic loss in value, with Netflix shares dropping 26% after the bell on Tuesday, wiping out $40 billion in market capitalization. Competitors were also hit by the downturn: Roku was down 6%, Walt Disney was down 5%, and Warner Bros. Discovery was down 3.5 percent. Netflix has lost half of its value since announcing in January that it expected slow subscriber growth.

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ByRV Cuarto
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RV Cuarto is the founder and editor-in-chief of EveryTechEver, a startup team of writers and researchers. He started in tech journalism in the early days of 2012 as the founder of the successful tech site Nokia Revolution. His belt of experience spans across the industry, from consumer electronics, data operations, and cloud computing, with several brands including Dell, Nokia, Realme, and Huawei. He is also an HIV advocate and a public speaker. He spends his free time singing, playing mobile games, and experimenting with new recipes in his kitchen. Follow him on Tiktok.
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