Netflix lost 200,000 subscribers this quarter and expects another 2 million will flee by July. How did this happen? KevinTDugan writes
Photo: Mario Tama/Getty Images This post was updated to include Netflix’s share price Wednesday morning.
Netflix was supposed to be the antidote to the bloated world of cable television. Remember back when you had those low gray boxes on your console? You’d click through hundreds of channels, spending a fraction of a second glancing at one low-budget show after another, and feel — after all that — that there was nothing on TV. Of course, there was plenty to watch, but the problem was none of it was good.
How bad are things? Here’s how Netflix put it in its first quarterly earnings report for 2022: “Our revenue growth has slowed considerably as our results and forecast below show.” During the first three months of this year, 200,000 subscribers decided they’d had enough. This is the first time Netflix has lost subscribers since 2011, according to the number crunchers at Bloomberg. And it’s getting worse: Netflix predicts that another 2 million paying subscribers will bolt by the end of June.
Of course, there’s a lot more going on here. Netflix blamed a large chunk of the subscriber loss on the war in Ukraine, since it pulled out of Russia and lost 700,000 subscribers with it. . Netflix is still huge — it has 222 million subscribers worldwide — but about 100 million households are sharing passwords, with about a third of those in the U.S. and Canada, according to the company.
Maybe we should have seen this coming. Last week, before Netflix published its earnings, the film-and-TV website Screencrush published a weird and funny list about dud movies and shows that had inexplicably become hits around the world, like Blitz, the 2011 Jason Statham vehicle that’s Netflix’s most watched movie in Italy, or Men In Black: International, the one without Will Smith, which was No. 1 throughout the Middle East. And this was before The Slap.
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