Netflix Loses Close To A Million Subscribers

Netflix
Netflix. Image by Tumisu from Pixabay

Global streaming service Netflix announced today a loss of 970 000 subscribers in the three months ending June 2022. The company said Q2 was better-than-expected in membership growth.

Netflix said it had a total of 221 million subscribers and predicted to add one million new subscribers in the third quarter of 2022 compared to 4.4 million in the year-ago quarter.

“Our challenge and opportunity is to accelerate our revenue and membership growth by continuing to improve our product, content, and marketing as we’ve done for the last 25 years, and to better monetize our big audience,” Netflix informed investors.

“We’re in a position of strength given our $30 billion-plus in revenue, $6 billion in operating profit last year, growing free cash flow and a strong balance sheet.”

Paid Sharing

“We’re in the early stages of working to monetize the 100m+ households that are currently enjoying, but not directly paying for, Netflix. We know this will be a change for our members,” Netflix announced in a letter to shareholders.

“As such, we have launched two different approaches in Latin America to learn more. Our goal is to find an easy-to-use paid sharing offering that we believe works for our members and our business that we can roll out in 2023. We’re encouraged by our early learnings and ability to convert consumers to paid sharing in Latin America.”

 

 

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