Netflix relieved to lose only one million subscribers
July 20, 2022 - Netflix lost nearly one million subscribers in the second quarter of 2022, less than half the number initially feared earlier in the year.
Netflix lost almost one million subscribers in the second quarter of the year (April to June), the largest subscriber loss in the company’s history.
But in some respects the firm was relieved as they had initially feared losing twice that number.
Reflecting on what may have stopped greater subscriber losses, the firm’s CEO, Reed Hastings, said, “If there was a single thing, we might say ‘Stranger Things’”.
The latest season of the hit drama has been a phenomenal success, likely stemming the exodus of customers.
Netflix, which now has about 220.7 million subscribers worldwide, bullishly told investors that it could add back one million in the next quarter.
When the company reported its first subscriber loss since 2011 in April, it led to hundreds of job cuts and a sharp drop in its share price.