Netflix is losing subscribers for the first time in 10 years

NEWS

By Ray Ampoloquio April 20, 2022

Losing can make giants reconsider their stature. Case in point, Netflix.

For the first time in 10 years, the world's most popular streaming platform did the opposite of gaining subscribers.

Netflix CEO, Reed Hastings, had a word with shareholders during the company's most recent quarterly earnings call.

Hastings revealed that Netflix had lost 200,000 subscribers in the first quarter of 2022, and it will only get worse.

After steadily gaining subscribers for the past 10 years, Hastings added that the platform will lose at least two more million accounts in the next quarter.

However, Hastings doesn't believe that the platform's diminishing numbers are the result of its competitors offering similarly compelling content for less.

Instead, Hastings pointed out that the issue is with account sharing.

To make matters worse, Netflix also lost 35% of its market value within 24 hours of the earnings call.

Netflix is still the world's leading streaming platform, but it probably won't be for long.

Keep an eye out on what Netflix will do to make sure that it doesn't keep on bleeding subscribers.