Netflix lost almost 1 million subscribers during the spring amid tougher competition and soaring inflation, heightening the urgency behind the video streaming service’s effort to launch a cheaper option with commercial interruptions.
Netflix shed almost 1 million subscribers during the spring amid tougher competition and soaring inflation that’s squeezing household budgets, heightening the urgency behind the video streaming service’s effort to launch a cheaper option with commercial interruptions.
The less severe loss in subscribers, combined with an outlook calling for a return to growth in the July-September period. helped lift Netflix's battered stock by 7% in extended trading after the numbers came out. The loss of nearly 1.2 million subscribers during the first half of this year also provides a stark contrast to the pandemic-driven growth that Netflix enjoyed during the first half of 2020 when its streaming service picked up nearly 26 million subscribers.
Although Netflix’s springtime subscriber losses weren't as bad as investors and management feared, the downturn served as a grim reminder of the challenges now facing the Los Gatos, California, company after a decade of unbridled growth.
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