Netflix Bleeds Another 1M Customers, Clarifies Disappointing Detail For Its Ad-Supported Tier
The popular streaming company announced this week that it is testing a new password sharing fee in five Latin America countries. Netflix is hoping that it can combat some of the monetary losses it has incurred due to password sharing, which it has said is a large part of the reason it lost so many subscribers back in Q1. Now the company is reporting it has lost another 1 million members in Q2, which while only half of what it projected it would lose a few months ago, is still a hefty loss.
The company stated that the better outcome for Q2 was attributed to a slightly "better-than-expected" subscriber growth, especially in places such as Asia-Pacific. While the company still reported losing 1 million customers, it was able to net a $1.44 billion net profit.
Netflix has actually started changing its pessimistic tone a bit, as it now believes it will add a net 1 million subscribers in the next quarter. Thoughts are that shows like "Stranger Things" will help its numbers in the coming months. The latest season of the beloved "Stranger Things" series is now Netflix's most watched season of English TV to date with over 1.3 billion hours of viewing.
However, if you are looking forward to the new ad-supported plan, you may miss out on some of the content currently offered by Netflix. It was not made clear what that content might be, however, during the company's Q2 2022 earnings interview video.
Top Image Credit: Netflix