Netflix just lost subscribers for the first time in over a decade
Netflix’s struggle to boost its subscriber count took a dire turn in the first quarter of 2022. The company reported a loss of 200,000 subscribers globally compared to Q4, and it’s forecasting even bigger losses to come. Netflix estimates it could lose up to 2 million subscribers in the second quarter.
“Our revenue growth has slowed considerably,” Netflix acknowledged in its letter to shareholders. “Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward.” Netflix ended the quarter with roughly 222 million subscribers, so it’s still the largest streamer — but it’s facing a slew of challenges.
In January, Netflix announced...