The streaming platform warned more losses are coming and that it will try to crack down on account sharing.
Last Updated: 06.52 AM, Apr 20, 2022
Netflix has established itself as one of the biggest online streaming platforms in the world. The latest update about the platform is that it has lost over 200,000 subscribers in less than 100 days time.
The streaming platform revealed that they have taken a big hit since in the first three months of the calendar year. The company said that it has lost 200.000 subscribers, after the company raised prices in some of its big markets such as the United States and United Kingdom. The company had also recently pulled out of the Russian market.
In a letter to shareholders as reported by NDTV, they said, "Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward." They also hinted that another two million subscribers will leave the platform in the coming months.
This is the first time in a decade that the platform has lost subscribers. The last time the company lost subscribers was in October 2011. Netflix now has 220 million subscribers globally.
The company also said that while 222 million households are users of Netflix, another 100 million households are not paying for the services through its shared services. Netflix will try to push up the new members by trying to crack up account sharing. Netflix had tested ways to get money from users who share accounts earlier.
Reports also suggest that the growth of other leading platforms such as Apple and Disney are also another factor for Netflix’s losses.