For the first time in a decade, Netflix has lost net subscribers – some 200,000 in the first quarter of this year. The streaming service warned that it expects to lose 2 million more in the second quarter. On Tuesday, the company’s stock fell 30% on the news.
Tech expert Omar Gallaga told Texas Standard that Netflix blames password-sharing and even the war in Ukraine for the decline. Analysts say Netflix also lacks must-see content of the kind other streaming services offer
Highlights from this segment:
– Netflix blames subscriber losses on a decline in sales of smart TVs, password-sharing among subscribers, increased competition from other services and the invasion of Ukraine, which led to the shutdown of Netfllix’ Russian service.
– Netflix lacks the amount of “blockbuster” content that other services like Disney+ and HBO Max have been able to provide, analysts say.
– All streaming services currently face “churn,” where subscribers join to watch particular shows, then cancel their subscriptions.
