Netflix has lost 200,000 subscribers in First Quarter of 2022.
Photo Niyi Fote/Thenews2
Netflix, an American subscription streaming service and production company, launched on August 29, 1997 has announced on Tuesday (19), the lost of about 200,000 subscribers for the first time in more than a decade.
The lost came in the first quarter of 2022 out of its 221 million global subscriptions. There is another projection that the company may lose about 2 million new users in the actual quarter.
According to the company, all these are probably due to competitions, widespread passwords sharing, sluggish economic growth, inflation, Russian invasion of Ukraine and disruption from COVID-19.
Netflix is focusing on generating more revenue after this loss of about $45 billion in value due to drop in subscriptions. They plan to stop password sharing and include advertisements in its service.
Credit: Niyi Fote/Thenews2
