Netflix loses subscribers AGAIN as one million people ditch the streaming giant following price hikes | The Sun
NETFLIX has suffered another crushing blow as the Stranger Things maker revealed its lost almost a million subscribers.
Some 970,000 viewers quit the streaming giant between April and July, following a massive exodus at the beginning of the year.
The firm had already began tightening its belt with job losses and the axing of some shows.
Netflix has faced fierce competition with new rivals like Disney+ bursting onto the scene.
People have also been forced to make tough choices as the cost of living crisis bites.
The highest amount of cancellations came from the US and Canada, followed by Europe.
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But the number of losses this time round is actually better than bosses had feared.
And they believe it's thanks to the huge success of their hit sci-fi horror series.
"If there was a single thing, we might say Stranger Things," company chief Reed Hastings said.
Despite feeling the pinch Netflix remains top of the streaming wars.
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But bosses have several big plans to bring their bank balance back up to its former glory.
A crackdown on accounts that are shared outside their household has already started, requiring people to pay extra if caught.
So far, it's only being tested in five countries including Argentina, El Salvador, Guatemala, Honduras, and the Dominican Republic.
The other huge change is a new cheap membership tier supported by ads.
Netflix is teaming up with Microsoft on the plan, which insiders predict could bring costs down to as little as £5.49/$7.99 in the UK and US.
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"While, the last set of results were a bombshell, this quarter was much better than expected with lower subs losses," analyst Paolo Pescatore from PP Foresight said.
"This comes at a crucial time given the cost of living crisis having a profound impact on all companies; no one is immune."
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