Netflix has just reported its largest quarterly loss in the company’s history as thousands of streamers cancelled their subscriptions with the giant.
The streaming service had announced its hopes to add one million subscribers in the third quarter after predicting a loss of two million subscribers in the quarter ending 30th June.
In reality however, the company reported a loss of 970,000 subscribers, which is, to be fair, less than the predicted two million. This is still their biggest subscriber loss to date.
With stock on a decline of approximately 70% in 2021 and market value decreasing from $300 billion to under $90 billion in less than a year, the company expressed that they will continue improving all aspects of the platform.
They cited Stranger Things Season 4’s success as proof of ‘the effectiveness of [our] marketing strategy in driving conversation around our titles.’
Speaking about their place in relation to competitors such as Disney+, Netflix said that Stranger Things continues to outpace Obi-Wan Kenobi and Top Gun Maverick, but the series’ end next season could put this in jeopardy. Netflix is set to roll out an ad-supported subscription early in 2023.
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