Netflix has lost close to 1 million subscribers – but things aren’t looking as bad as first predicted.
Netflix predicted a loss of 2 million subscribers in the second quarter of 2022. However, to their great relief, the service only lost 970,000.
Netflix wish to improve their losses by being more accommodating to their customers. They wish to continue to improve products, content and marketing.
Unfortunately, the recent loss in subscribers and profit is the largest the company has experienced in it’s 25-year history. However, Netflix still views this loss as a win, as the numbers lost were far less than anticipated.
According to BBC News, the subscriber loss came from Canada and America. Which is where the companies highest business income is from.
The streaming service now has more competition than ever before. It is not a coincidence that Netflix will be knocked around at the top of the streaming service leader-board.
WHAT WILL BRING THE COMEBACK?
The popular show “Stranger Things” is the services most popular English-language series. The highly anticipated show has kept many subscribers invested in the streaming service. In the first 4 weeks season 4 premiered, the show generated 1.3 billion viewing hours.
When the Covid-19 pandemic was at its peak, the service flourished. However, it is doubtful the service will have another opportunity like that again in the near future.
Therefore, relying on service improvement and new series anticipation is what will fuel the comeback. There is also a new strategy to release new episodes in batches, rather than releasing a whole new season at once. This was recently done with ‘Stranger Things.’ The 4th seasons episodes will be released in 2 batches.
The company plans to introduce a lower costing tier to their subscription plans. The new subscription plan will however, include advertisements throughout screen time. The new launch is to be expected in early 2023. Reports of partnering with Microsoft for the new tier is circling. Whether that would mean tailored advertisements to Microsoft, or how the new subscription plan will look, who knows.
Another idea presented is to clamp down on password and account sharing. Netflix is wanting to invest in an easy-to-use paid sharing offer. This will hopefully add income benefit to the streaming service. Also, Netflix believes this will benefit members.
Unfortunately, for those who wish to save money and share between family members or friends, may not come around to the new proposal. In addition, the same feeling can be projected towards the cheapest new plan having advertisements throughout viewing time.
Subscribe to FIB’s Weekly Breaking News Report for your weekly dose of music, fashion and pop culture news!
