Netflix Loses Nearly One Million Subscribers In Q2

Date:

This is as the company lost about 200,000 subscribers in the first quarter of 2022, the highest in over a decade.

Streaming giant, Netflix has lost nearly 1 million subscribers.

Reports revealed that the company lost a staggering 970,000 subscribers in the second quarter of 2022.

This is as the company had lost about 200,000 subscribers in the first quarter of 2022, the highest in over a decade.

Netflix believes that factors hampering its growth include the time it is taking for homes to get access to affordable broadband internet service and smart televisions, along with subscribers sharing their accounts with people not living in their homes.

The present numbers, however, faired better than earlier projections by the company itself, which predicted a loss of 2 million subscribers by Q2, earlier in the year.

In a Securities and Exchange Commission filing, Netflix expressed optimism and confidence in its ability to weather the storm, the NBC News reports.

“Reaccelerating our revenue growth is a big challenge,” the statement read, “But we’ve been through hard times before. We’ve built this company to be flexible and adaptable and this will be a great test for us.

“We’re confident and optimistic about the future.”

Despite the loss, the company forecasts that about one million new subscribers will join the service by the end of the third quarter.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Mz Khay – Grace

  Uk-based Nigerian singer-songwriter and Ben Iyke Entertainment star, Mz...

Gwayne – Skama

Nigerian-born and raised Afropop, Rapper, and Singer popularly known...

Paulerwhite – Combo

The IT girl, known as Paulerwhite has surfaced with...