Americas

Home page

Americas

Netflix loses almost million subscribers

20 July 2022 11:39 (UTC +04:00)

After enjoying a long reign as the king of streaming, Netflix faces a tough fight to keep its crown, APA reports citing BBC.

It lost almost 1m subscribers between April and July, as the number of people quitting the service accelerated.

But that was not as many as the streaming giant had feared.

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.