Streaming video service Netflix had 200,000 paying users less at the end of the first quarter than three months earlier. For the US company, that marks the first decline in subscribers since 2011. In addition, the company expects to lose another two million paying customers in the current quarter.
Netflix has long indicated that the figures have been distorted in recent years. Due to the corona pandemic, people worldwide were staying at home more and there was a great need for entertainment. But now in many countries people can go to cafes, restaurants and cinemas again and some are canceling their Netflix subscription. Increased inflation also plays a role as a factor causing some people to scrutinize their spending.
According to the company, competition from other streaming services has also increased. In recent years, Disney+, HBO Max and, in Europe, Viaplay, among others, have been launched in more and more markets.
Sharing of credentials
Finally, sharing login details is also a problem for Netflix. The company says that about 100 million households watch the streaming service without paying for it. That number is in addition to the approximately 222 million paying households. Netflix also wants to appeal to those watching households. In Latin America, the service has already experimented with a multi-household subscription.
Furthermore, the existing users should be persuaded to stay longer through better suggestions and many new series and films. Netflix recently introduced a new rating system with two thumbs up in addition to a thumbs down and a thumbs up.
In the past year the series were Bridgerton and Inventing Anna big hits. Also the documentary film Tinder swindler and the movie The Adam Project scored well. In the coming period there will be a new season of the hit series Stranger Things from.
Watch all our videos about the latest movies and series here:
Free unlimited access to Showbytes? Which can!
Log in or create an account and never miss a thing from the stars.