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Netflix has reported a loss of 970,000 subscribers in the last three months. While the streaming giant was estimating closer to a loss of roughly two million subscribers for its second quarter, this near-one million loss is the largest quarterly loss in subscribers that Netflix has experienced so far.
Netflix expects the third quarter to pick up with one million new subscribers (3.4 million down from last year) and is also planning to introduce a lower-priced option with advertisements and an “add home” service for 2023.
Our challenge and opportunity is to accelerate our revenue and membership growth by continuing to improve our product, content, and marketing as we’ve done for the last 25 years, and to better monetize our big audience.
NETFLIX
Netflix has addressed the issue of loss of subs and slow revenue growth before. The streaming platform believes that this has been caused by account sharing, competition, and macro factors such as sluggish economic growth and the impacts of the war in Ukraine as well as connected TV adoption.
View the entire detailed report over at Netflix’s Q2 Letter to Shareholders.
