Darryl Boxberger
A quarterly report delivered to investors on Tuesday revealed that the streaming service had lost 200,000 paid subscribers, citing COVID concerns and other factors.
Netflix disclosed its Q1 2022 results in a shareholder update Tuesday morning, remarking that its platform's growth in revenue has "slowed considerably."
Its $7.868 billion in revenue — representing a mere 9.8% growth over the last quarter — marked the lowest quarter-over-quarter increase in at least a year.
More notably, the report revealed that the number of Netflix's global paid subscriber count has shrunk by 200,000 in Q1 of 2022, from 221.84 million to 221.64 million, the first time the figure has dropped in a decade.
Netflix executives attributed the subscriber loss to accounts "being shared with over 100 [million] additional households," and the COVID-19 pandemic for obscuring market trends.
Moreover, Netflix told its investors that "robust" competition from other streaming services, such as Disney+, Amazon Prime Video, Hulu, and YouTube, has emerged "over the last three years."
It is likely that other factors may also contribute to the subscriber loss for Netflix. In January 2022, the streaming service uniformly raised its prices for all plans in the United States and Canada.
More recently in March 2022, Netflix announced new measures to discourage account sharing among its subscribers.
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41 Comments
Actually, yes, this is good news. Here’s a solution, just provide the streaming via an AppleTV channel & let Apple handle unique ID validation & payment.
The drop is because their content just doesn’t cut it as well in an increasing competitive streaming market, not because people are now just learning they can share accounts.
Personally, Netflix has dropped in usage in my household considerably in the last couple years as others—especially Apple TV+—has increased in usage. Even Paramount+ and Peacock get my household’s eyeballs a lot more than Netflix.
I wish Netflix’s blockbuster-wannabe, comedy-action films with big stars, like Red Notice, we’re better, but they aren’t even great as bubblegum movies.
I’d been a Netflix subscriber since it was first introduced on the very first Roku box. But I canceled my account a couple months ago and haven’t missed it. They’ve been losing content to other streaming channels, and they keep raising prices. My new policy is signing up for a month or so if I want to binge watch a show. That’s how I keep my streaming costs down. Not by sharing passwords/accounts.
Netflix account sharing has been going on since its beginning. This is an inept management.
Lol, I remember Netflix saying they didn’t expect any meaningful impact to their market share when Apple and Disney released their + services a couple Novembers back. Now, instead of admitting they were wrong, they have to make shit up? The quantity over quality approach to justify price increases isn’t going to cut it anymore with so many other options available these days. I see their numbers continuing to slide until they get that through their heads. As soon as Stranger Things 4 is binged next month, Netflix will be gone in my house as well.