Jul 19, 2022
Netflix loses almost a million subscribers
It's a stark turnaround for Netflix, which started as a mail order rental company before starting to offer streaming in 2007.The company enjoyed years of seemingly unstoppable growth, as it revolutionised the way people around the world consume entertainment. As pre-pandemic habits return, Netflix has struggled to attract new sign-ups - and maintain the loyalty of existing members, especially as the cost of living crisis leads to belt tightening. A raft of new, sometimes less expensive options from competitors, like Disney, many of which used to sell their movies and television series to Netflix, are tempting audiences to switch, while satisfaction levels have curdled as the firm puts up prices. The firm has said it will jumpstart growth with a new ads-supported service and by clamping down on password sharing - which one study estimated was costing Netflix $25bn a year. Netflix needs "More frequent hits," said Eric Stintberg of Whip Media, adding that Netflix also has room to experiment with keeping a hold on its members by staggering its releases.
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