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Netflix Loses 970K More Subscribers In The Second Quarter

Netflix Loses 970K More Subscribers In The Second Quarter 

Netflix records a 970,000 subscriber drop in the second quarter of the year.

By Omotayo Olutekunbi

In the first two quarters of the year, the streamer lost almost 1 million users, according to numbers that were confirmed by the company on Tuesday.

Even though the loss was projected to be more than 2 million, Q2 fared better than planned, according to Netflix. The business now anticipates at least 1 million members by the third quarter.

Remember when in Q1 it was reported that there had been an extraordinary loss of 200,000 subscribers? The firm had made plans to save its revenue, including the introduction of an ad service and the recent layoff of 300 employees, when it first revealed the loss in April.

The market for streaming services worldwide is still dominated by Netflix, which has a 220.67 million subscriber base. The firm has reportedly grown by ‘approximately’ 8% this year, citing a story in The Hollywood Reporter. In the second quarter of 2022, it brought in $7.97 billion.

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