Netflix lost nearly a million subscribers in April and July 2022. Number of people leaving the video service on top (OTT) is getting faster. The company reported its first customer loss since 2011 in April. The news was followed by reports of hundreds of laid off employees.
The number of subscribers lost last Tuesday (19/7) was the largest in the history of the company, founded in 1997. The United States and Canada have the highest number of subscribers canceling Netflix subscriptions, followed from Europe.
This is a big change for Netflix, which has seen positive growth over the years. The company, launched from BBChas revolutionized hundreds of millions of people around the world in entertainment consumption.
In total, the company still had around 220 million subscribers at the end of last June. The figure is much higher than its competitors. Netflix is used to double-digit growth. However, in the second quarter of this year, its revenue was US$7.9 billion, up just 8.6% year-over-year (year-on-year).
Its stock value has fallen more than 60% so far this year. Investors see the company’s outlook continuing to deteriorate. What Triggers Netflix’s Low Performance?
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