For the first time in a decade, Netflix is losing subscribers

The streaming service warned investors that it expects to lose 2 million more users during the current quarter.

By Shelly BrisbinApril 21, 2022 8:10 am, , ,

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.

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