Popular video streaming platform Netflix has announced that it lost nearly one million paid subscribers in the second quarter of this year.
Today, the famous video streaming platform Netflix has announced that nearly a million paid subscribers have ditched its platform in Q2.
The company revealed that it lost 9,70,000 subscribers, which is more than the 2,00,000-member decline from the Q1 in 2022, its first subscriber loss in over a decade.
In April, the company had seen a 35% drop, which converted into $55bn of its value.
“The second quarter was better-than-expected on membership growth, and foreign exchange was worse-than-expected (stronger US dollar), resulting in 9 percent revenue growth (13% constant currency),” the company said in a statement.
“Our challenge and opportunity are to accelerate our revenue and membership growth by continuing to improve our product, content, and marketing as we have done for the last 25 years, and to better monetise our big audience,” it added.
However, the streaming platform is looking forward to adding one million new subscribers in Q3.
Netflix said it has 73.28 million paid subscribers in the US and Canada.
The company closed the month of June with 220.7 million worldwide subscribers.
The streaming platform has seen a 9% hike in revenue over the year from $7.3 billion in 2021 to $7.97 billion this quarter.
Moreover, Netflix forecast a global paid subscriber loss of 20 lakh for the second quarter of 2022. However, it only lost half of that.