Netflix Company Sets 25 Year RECORD – It’s Not a Good One
(FeaturedNews.com) – Streaming giant Netflix released its 2nd quarter financials, showing the largest drop in subscribers in a single three-month period since the company’s inception more than a quarter century ago. About 970,000 accounts dropped off of the platform, which was actually much lower than the troubled company predicted.
After losing 200,000 subscribers in the first quarter and watching its stock lose nearly 70 percent of its value, Netflix believed it would lose two million more subscribers. The near-million number, while massive, is likely a welcome sight for company executives.
Netflix loses 970,000 subscribers, its largest quarterly loss ever https://t.co/3vY7uzRBFY by @laurenforristal
— TechCrunch (@TechCrunch) July 19, 2022
Still, that many people jumping ship points to potentially serious issues. For example, the streaming service is typically a powerhouse at the Emmy Awards. This year, the company’s shows received 35 fewer nominations than HBO-based shows, which may indicate a drop in programming quality. A recent price increase for everyone and a hardline stance on sharing passwords may have also contributed to the losses.
On a positive note, the company still has more than 220 million subscribers. “Stranger Things,” whose viewership breached a billion hours of viewing this season, is slated to continue, and several other highly-anticipated shows and movies are brewing on the horizon. The platform is also partnering with Microsoft to increase ad revenue moving forward.
While the shock and awe of losing lots of viewers may seem overwhelming, the reality is the company is moving to the next stage of its evolution, which includes a less expensive ad-supported option. Time will tell if the changes will spell good things for the entertainment platform’s future.
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