Netflix reported a loss of 970,000 subscribers during past three months. The company is predicted a loss of two million subscribers due to its weak outlook but it only drops near million subscribers from April to July 2022. This is the largest quarterly loss in the history of Netflix. The streaming giant has now lost members for two quarters in a row.
The company reported a total of 220.67 million subscribers and said it expects to add one million in the third quarter.
Netflix has said it will jumpstart growth with a new ads-supported service and by clamping down on password sharing – which one study estimated was costing Netflix $6bn a year.
Netflix’s more expensive service has make some customers to put off subscription.
The ad service has the potential to attract both existing customers inclined to cancel over price hikes, as well as new households hesitant to commit to a subscription, Mr Bisson said.