Netflix lost over 2 million subscribers in the last three months, with more than half of them coming from the US and Canada.
For a breakdown, the streaming giant lost 1.28 million subscribers in the US and Canada and another 1 million worldwide. It still has the highest number of subscribers worldwide in the industry, reporting 73.28 million paying users in the US and Canada and 220.67 million worldwide.
While this is another disappointing quarter for Netflix, its prediction was worse. Following its shocking Q1 2022 results, the company had projected that it could lose another 2 million worldwide in Q2 2022.
In reaction to the dropping subscriber count, Netflix is looking for alternative ways to make more money to keep investors happy. It recently announced an ad-supported tier, which Microsoft will power.
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Also, it is policing password sharing with some new features like adding extra profiles and ‘add a home’, which come with extra charges.
Overall, despite losing customers, Netflix approaches the second half of 2022 with much optimism. It believes it can continue making revenue with the strategies it outlines.
Despite the dropping count, the company still made more money year over year, with nearly $670 million more in revenue this quarter. It has also had two massive layoffs to try to cut costs.
However, while Netflix continues to blame freeloaders, it may have to face the truth soon, which is that competitors like Disney Plus, Paramount Plus, and HBO Max are attracting its customers and would-be subscribers with better content.
The Verge reports that Paramount Plus’ subscriber count grew by nearly 40 million, while HBO and HBO Max added 13 million subscribers, and Disney Plus also gained 8 million new users
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