Streaming giant company Netflix has lost an immense amount of subscribers for the first time in more than 10 years.
The company lost 200,000 members in the first three months of this year, with the declines coming after the firm raised prices in key markets such as the US and UK.
The company also pulled out of Russia following its invasion of Ukraine, which is a move that the company predicted could deliver quite a hit. This prompted it to warn that it will crack down on account sharing to create new members.
It estimates more than 100 million households are breaking its rules by sharing passwords. Netflix boss Reed Hastings said that when it was growing fast, it was not a high priority, as opposed to now.
In a letter to share-holders, Netflix said that a surge in sign-ups it saw during the pandemic had ‘obscured the picture’ and it warned that another two million are likely to leave by July.
The last time the company lost members in a quarter was October of 2011. It still boasts more than 220 million subscribers globally, but it also claimed that pulling out of Russia cost it 700,000 subscribers.
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