Netflix Loses Almost a Million Subscribers in Last Quarter (2024)

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Netflix Loses Almost a Million Subscribers in Last Quarter? ›

During the 2Q 2022 earnings, Netflix reported nearly a 1 million subscriber loss between April and July. This is the company's largest-ever subscriber losses, with the US and Canada having the most cancellations in the quarter, followed by Europe.

The company reported losing an estimated one million users worldwide in the second quarter of 2022, with the. But why have audiences canceled their subscriptions?

Netflix's viewership atrophy may be due to implementing paid sharing, leading casual viewers to drop off and account holders to downgrade their plans or cancel their subscriptions altogether. This decline will come despite offering a lower-priced ad-supported option.

Netflix is battling to regain market share after losing nearly 1.2 million subscribers in the first six months of 2022, the first decline in a decade, after a viewership boom during the COVID-19 pandemic.

Quarterly Netflix subscribers count worldwide 2013-2024

Netflix had around 277.65 million paid subscribers worldwide as of the second quarter of 2024. This marked an increase of over eight million subscribers compared with the previous quarter.

A Netflix account is meant to be shared by people who live together in one household. People who are not in your household will need to sign up for their own account to watch Netflix. You can manage who uses your account by setting a Netflix Household.

Netflix says its profits have soared in the first three months of this year, partly thanks to a crackdown on password sharing.

Netflix the 'most frequently' canceled streaming service, survey finds.

Netflix revealed that it had lost 1 million members for the first time in two decades; it claimed that it was a result of rising inflation and increasing competition in the streaming market. Price increases are also the reason behind the loss of Netflix subscribers.

Netflix's stock fell 7.3% to $565.85, its largest drop since July, as its revenue forecast for the second quarter was below estimates. If losses hold, its market valuation was set to fall about $19 billion.

Is Netflix becoming less popular? ›

In 2022, when Netflix reported losing subscribers for two straight quarters, it triggered a major sell-off. Not just of Netflix's stock, but of the whole streaming video sector.

While Netflix used to allow subscribers to do this for free, it began implementing paid sharing for U.S. subscribers in mid-2023, after noticing a decline in subscribers in the first six months of 2022. When the switch was announced, it angered many subscribers.

It had been half that, 2 percent, at the end of 2023. Of the 1,000 respondents, 57 percent said they currently subscribe to Netflix, down from the 60 percent who did in the prior quarter. In the second quarter of 2023, 69 percent had said they were current Netflix subscribers.

Netflix reported approximately 84.11 million subscribers across the U.S. and Canada in the second quarter of 2024, making North America its second-largest global market after Europe, Middle East, and Africa (EMEA).

Netflix is the biggest streaming service in the world. The company reported 269.6 million global paid memberships as of March 31, 2024. That number was up 3.6% from the previous quarter, and up 16% year-over-year. The secret to Netflix's success?

The Los Gatos, California, company disclosed Tuesday that it picked up 2.4 million subscribers during the July-September period, a comeback from a loss of 1.2 million customers during the first half of the year amid stiffer competition and soaring inflation that's squeezing household budgets.

Net profit grew 44% to $2.15 billion in the quarter, topping the company's forecast of $2.06 billion. It expects operating margins of 26% this year, up from its prior estimate of 25%.

April 19 (Reuters) - Netflix shares fell on Friday as its plan to stop sharing subscriber numbers from 2025 stoked growth worries, with analysts warning that rivals may follow the step by scrapping the key metric on the streaming industry's health.

And Netflix is still financially thriving. The company's profit in its latest quarter rose 44% from last year to $2.15 billion, or $4.88 per share — a figure that exceeded the estimates of analysts polled by FactSet Research. Revenue climbed 17% from last year to $9.56 billion, also eclipsing analysts' projections.