Ladbible X Whatsapp
  • iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
Netflix Loses Its Largest Ever Quarterly Number Of Subscribers As Nearly One Million Cancel

Home> Entertainment

Published 07:30 20 Jul 2022 GMT+1

Netflix Loses Its Largest Ever Quarterly Number Of Subscribers As Nearly One Million Cancel

The streaming service announced its losses in a letter to shareholders

Emily Brown

Emily Brown

Netflix has reported its largest quarterly loss in the company’s history as thousands of TV and film fans have given up their subscriptions.

The streaming service announced its changes over the quarter ending 30 June in a letter sent to shareholders yesterday (19 July), in which it also laid out its plans and expectations for the next three months, spanning July, August and September.

Netflix expressed hopes to add one million subscribers in the third quarter, after previously having predicted it would lose two million subscribers in the quarter ending 30 June.

Netflix predicted it would lose two million followers over the quarter.
Pixabay

Advert

In reality, the company reported a loss of 970,000 subscribers - less than half the two million predicted, but still its biggest quarterly loss to date.

The news came as Netflix's stock was on a decline of approximately 70 percent in 2021, with its market valuation decreasing from $300 billion to under $90 billion in less than a year. However, after announcing it had lost less subscribers than predicted, Netflix shares increased by 8 percent.

The company expressed belief that slowing revenue growth was down to 'connected TV adoption, account sharing, competition, and macro factors such as sluggish economic growth', and shared plans to address them by continuing to 'improve all aspects of Netflix'.

"This focus on improving our core service has served us well over the past 25 years, and remains our north star to drive continuous growth. It’s why we strive for an ever better content, marketing and product experience," the company said.

Netflix cited the success of Stranger Things 4 as proof of 'the effectiveness of our marketing strategy in driving

Advert

conversation around our titles', noting that Kate Bush's song 'Running Up That Hill' shot to the top of the charts following the series release in June.

Season 4 of Stranger Things broke records on the streaming service.
Netflix

The company also referenced its place in relation to competitors such as Disney+, saying: "The cumulative Twitter volume for Stranger Things continues to outpace both Obi-Wan Kenobi and Top Gun Maverick, highlighting the big conversation around this title and reinforcing that our binge versus one week at a time release strategy drives lots of “water cooler conversation.”

As part of its plans for the future, Netflix announced that it will be rolling out an ad-supported subscription early in 2023, as well as testing an 'add a home' feature which will charge an extra $3 (£2.50) to share accounts with other households.

In the quarter ending 30 June, Netflix reported having a total of 220.67 million subscribers.

Featured Image Credit: Alamy

Topics: Netflix, TV and Film

Emily Brown
Emily Brown

Emily Brown is the Community Desk Lead at LADbible Group. Emily first began delivering news when she was just 11 years old - with a paper route. She went on to graduate with a BA Hons in English Language in the Media from Lancaster University before contributing to The Sunday Times Travel Magazine and Student Problems. She joined UNILAD in 2018 to cover breaking news, trending stories and longer form features, and now works as Community Desk Lead to commission and write human interest stories from across the globe.

Advert

Advert

Advert

Choose your content:

15 hours ago
16 hours ago
17 hours ago
  • 15 hours ago

    Kesha said infamous red carpet incident with Jerry Seinfeld was the ‘saddest moment of her life’

    Jerry Seinfeld said 'no thanks' to Kesha during a red carpet event

    Entertainment
  • 16 hours ago

    Movie fans say they still think about ‘traumatising’ but ‘amazing’ film 14 years after watching

    The film stars Joseph Gordon-Levitt, Brady Corbet and Michelle Trachtenberg

    Entertainment
  • 16 hours ago

    Ex-Superman Dean Cain hits out on ‘woke’ new version of the film after James Gunn called superhero an ‘immigrant’

    Cain also took issue with James Gunn changing Superman's motto

    Entertainment
  • 17 hours ago

    Follow up to The Office is coming to TV incredibly soon

    Expect to see a fan-favourite character pop-up in the follow-up series

    Entertainment
  • Netflix subscribers highlight key issue that makes streamer's latest shows 'pointless'
  • Netflix viewers are being left constantly guessing by mystery mini-series you can watch in one sitting
  • Breaking Bad-like series labelled the best Netflix binge-watch as fans rewatch as soon as they finish
  • Netflix user shares method to reverse 'diabolical' update as people threaten to cancel subscriptions