Netflix’s fortunes have been deteriorating recently. According to a study from the streaming company, two million customers have been lost in the current quarter alone. They provided the information to shareholders in a letter from Netflix. In addition, a new study has shown that subscribers who have been with the site for more than three years have started to drop off.
According to Antenna, a research agency, Netflix users who had been using the app for more than three years accounted for barely 5 per cent of total cancellations at the beginning of 2022. However, this figure grew to 13 per cent in the first three months of 2022.
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Only 60 per cent of the quarter’s cancellations were from newbie members, down from 64 per cent in the previous quarter. Additionally, cancellations totalled 3.6 million persons in the first quarter, up from 2.5 million in each of the five quarters before. As stated by Antenna, their data comes from a panel of anonymous subscribers totalling 5 million people in the United States.
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According to a research organization, Netflix users leave because of price hikes. In addition, Netflix’s user base is dwindling due to a lack of engaging content.
Netflix’s reliance on original programming may also be a factor in its declining subscriber base. According to the claim, NBCUniversal and Disney have reportedly taken their programs off Netflix and placed them on their sites. Originals have been “hit or miss” for Netflix in the last several years.
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On the other hand, Netflix hopes to increase the number of its customers by offering subscriptions that are dependent on advertising. As a result, ad-supported Netflix membership options will debut sooner than expected, according to a New York Times story.
According to the article, Netflix executives received an email informing them that They would implement the ad-supported strategy in the last three months of 2022. Also likely to commence at this time is a crackdown on sharing passwords.