Netflix lost overall 200,000 subscribers between January to March 2022 the first in 10 years, the company stated in a letter to shareholders Tuesday.
IT News Nigeria:
Report has it that, for the first time in a decade, Netflix lost subscribers -200,000 overall in the first three months of the year – resulting from fluctuating economic forces and increasingly fierce competition from other streaming platforms.
Netflix attributed its subscriber loss to several factors, including a slowdown in adopting broadband and smart TVs, password sharing among households, and increased competition from traditional cable and broadcast TV and other emerging streaming services.
Netflix had been the original disrupter in entertainment. Its emergence in the field encouraged every major studio in Hollywood to adopt a streaming strategy to better compete with Netflix’s bingeable, no-advertising revolution. Now with entrants like Disney+ and HBO Max sporting their compelling services, they are forced to use other strategies.