The Netflix exodus continues! A new survey sheds light on Netflix‘s ongoing subscriber loss, claiming that the world’s most used streaming service will lose more long-term subscribers.
A report by The Information states that subscribers who were Netflix subscribers for more than three years accounted for 13% of cancellations in the first quarter of 2022.
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Netflix’s crisis is just beginning
An analytics firm called Antenna assessed the data of 5 million Americans who are on Netflix. According to their data, 3.6 million people cancelled their Netflix subscriptions in the last quarter, up from 2.5 million cancellations in the last five quarters. While these numbers reflect only the reality in US, Netflix is suffering a global slump as new OTT platforms enter the market.
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Also read: Netflix To Bring Cheaper Plan With Ads By 2022 End, Reveals Internal Note To Staff
In 2021, people who were Netflix subscribers for less than a year accounted for 70% of cancellations, while long-term subscribers accounted for six per cent. Newer subscribers made up 60% of all cancellations.
In 2022’s first quarter, Netflix admitted to losing 200,000 subscribers, its first loss in a decade. In the second quarter of 2022, Netflix is set to lose another 2 million subscribers.
How’s Netflix doing in India?
Netflix’s ongoing loss may be attributed to continuous hikes for its subscriptions plans. Many feel that the content is no longer able to live up to the amount of money Netflix wants from its subscribers.
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Even then, Netflix’s rates were slashed in India in December, 2021. The most cheap plan now costs ₹149, going up to ₹649 for the premium version.
According to research firm Media Partners Asia, Netflix has 5.5 million subscribers in India. On the other hand, Disney+ Hotstar reportedly has over 36 million subscribers and Amazon Prime Video has about 17 million. Globally, Netflix still has the highest number of subscribers at 225 million.
Also read: Double Thumbs Up: Netflix Updates Rating System To Suggest More Content You’ll Love
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Netflix recently also announced plans to charge users in case they’ve been sharing their accounts with people outside of their household. Not too long ago, Netflix’s cofounder Reed Hastings called the service’s lack of success in India “frustrating.”
Are a Netflix subscriber? If yes, are you satisfied? Let us know in the comments below. For more in the world of technology and science, keep reading universo virtual.com.
References
Roth, E. (2022, May 19). Survey shows Netflix is losing more long-term subscribers. The Verge.
Staff, F. P. (2022, April 21). Explained: Why Netflix is failing big time in India. Firstpost.
Laghate, G. (2022, January 21). Netflix’s lack of success in India ‘frustrating’, cofounder Reed Hastings says. The Economic Times.