Netflix loses approximately 2,00,000 subscribers in the first quarter of the year

Netflix is a streaming service that offers a film and television series library through distribution deals. It also airs its own productions knowns as Netflix Originals.

Recently, Netflix has lost around 2,00,000 subscribers in this year. The company stated that this has happened for the first time in the last 10 years.

Why did Netflix face lost subscribers?

Many reasons account for losing subscribers.

• Russia Ukraine war is the main reason. Netflix services have been suspended in Russia. It has led to the loss of 7,00,000 subscribers from Netflix.
• The COVID-19 pandemic has also led to the loss of subscribers.
• Another reason for the loss is the feature of Sharing accounts. Since the users could share the accounts they availed of the facility, rather than subscribing to the OTT app.
• Another important reason is the other streaming services. When you have tough competition, then the growth becomes slow.
• The content relayed on the services also matters. If the content is repetitive, it may lead to loss of the subscribers.

Netflix’s steps to increase the subscribers

CEO of Netflix, Reed Hastings has revealed that the company will start a low-price version of Netflix services. He says that he respects consumer choices and therefore, they will be looking for other ways to increase their subscriptions. He believes in fulfilling consumer demands.

What is consumer choice?

Consumer choice is the decision taken by the consumer with regards to the products and services given to them.

What is consumer demand?

Consumer demand is the total goods and services that people tend to buy at a specific price.

Netflix is still testing different approaches to increase its growth. Though, it has gained subscribers in Asia Pacific regions including India.

With consumer satisfaction, we can hope that Netflix will expect an increment in subscribers. What are your thoughts about the same? Share in the comments.

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