London, Europe Brief News – Netflix has lost almost a million subscribers between April and July 2022.
Asked what may have stopped subscriptions sliding further, the firm’s chief executive, Reed Hastings, said: “If there was a single thing, we might say ‘Stranger Things.'”
The new season of the hit drama has been a phenomenal success, and may have helped stem the exodus of Netflix customers.
The company reported its first subscriber loss since 2011 in April, news that was followed by hundreds of job cuts and a sharp drop in its share price.
Rivals are challenging its dominance, while price hikes have taken a toll.
The subscriber losses reported on Tuesday were the biggest in the firm’s history, with the US and Canada home to the highest number of cancellations in the quarter, followed by Europe.
Guy Bisson, executive director at Ampere Analysis, said it was “inevitable” that Netflix would start to see its grip on the market loosen.
“When you’re the leader, there’s only one direction to go, especially when a large amount of competition launches, which is what Netflix has seen in the last couple of years,” he said.
It is a stark change for Netflix, which enjoyed years of seemingly unstoppable growth, as it revolutionised the way people around the world consumed entertainment.
Netflix earlier decided to charge people extra if they use their account in more than one place.
The company will ask people to pay an extra subscription if use their account in more than one “home”.
