Streaming giant Netflix has announced in its 2022 Q2 financial results indicating that it lost over 970,000 subscribers in the 3 months period between April 1 and June 30.
In its 2022 Q1 financial results, when it lost over 200,000 subscribers, the company had predicted that it would have a net loss of 2 million subscribers, so, the 970,000 loss beat out predictions by over 50%, but it still remains the largest quarterly subscriber loss in Netflix’s history. The company currently boasts a total of 220.67 million subscribers.
2022 has been a tough year for Netflix. Apart from the subscriber losses, this year saw the company’s stock value drop by 70% and its valuation plummet to just under $90 billion from $300 billion. It has been forced to lay off around 450 employees and announce an ad-supported subscription plan, something it swore in the past to never do. .
However, all is not lost for the streaming service provider. According to the financial results, the company expects to add a million subscribers in the third quarter of this year.
It also announced the testing of an “add a home” feature which will charge users an extra $3 to share accounts with other households, allowing the company to crack down on the long-lingering password-sharing issue.
Netflix is making a couple of content bets to accelerate its growth. These include a $200 million budget movie starring Ryan Gosling and Chris Evans, a Squid Games reality game show that will feature the biggest cash prize and largest cast in reality TV history as well as hosting over 50 games on the platform by the end of the year.