Netflix loses 1 Million Subscribers: Netflix said on Tuesday that it lost more than 970,000 subscribers from April to June. Along with this, the company has also estimated that it will lose about 2 million subscribers. However, the company also believes that its bad times are over and the company will see growth in the coming months, especially in the third quarter. This information has been received from the news agency Reuters.
The shares of Netflix fell nearly 67 per cent earlier this year due to concerns about future growth. However, Netflix rose 7 per cent in the aftermath of the disclosure. "Our challenge and opportunity is to accelerate our revenue and membership growth... and to better monetize our big audience," the firm said in its earnings report. "Netflix's subscriber loss was expected but it remains a sore point for a company that is wholly dependent on subscription revenue from consumers," said analyst Ross Benes.
According to reports, Netflix is facing some bad days after getting growth for a long time because, Walt Disney Co, Warner Bros Discovery and Apple Inc have invested a lot of money in their streaming services. Due to this, Netflix has lost a lot of subscribers.
Meanwhile, the company has also announced to bring cheap subscription plans with ad support. A few weeks ago Netflix announced a partnership with Microsoft for its ad services. In such a situation, the ad-supported subscription can be launched by the end of this year or early 2023.
Along with all this, Netflix has also started work on the biggest reason for losing subscribers i.e. password sharing. Netflix is working on a new payment method for this.
According to a report, the company is introducing a new feature that will allow users to access the plan from another home in a valid way. For this, users will have to pay additional payments. The company is preparing to introduce it in five Latin American countries. Under this new facility, the option of adding a home will be given to the users.