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Netflix loses almost a million subscribers in the second quarter of 2022

Netflix on Tuesday reported a loss of 970,000 subscribers in the second quarter of the year, a figure well below its own forecasts, as some two million customers were expected to leave the service.

Even so, the streaming service managed to increase its revenues to reach 7,970 million dollars in the second quarter, which represents a year-on-year growth of approximately 8%. This is due in part to a “stronger US dollar,” as explained by the company, which now has a total of 220.67 million subscribersin a letter to its shareholders, quoted by The Hollywood Reporter.

In April, Netflix announced that lost 200,000 users in the first quarter of the year. It was the first such decline in a decade and was caused by a combination of factors, including password sharing between households, an increase in market competition, as well as rising inflation and the cessation of of his service in Russia.

Since then, the streaming giant has been adjusting its business model. Among the measures taken are mass layoffs -the most recent cutout involved the dismissal of 300 employees—, the reassessment of its film strategy to focus on fewer projects, as well as the introduction of commercials through a new cheapest subscription plan, which is expected to launch in 2023, in an effort to increase its revenue and number of customers. For it, associated with Microsoft that will be in charge of sales and technology of the platform.

In addition, Netflix took steps to monetize password sharing, allowing users to share their account with people outside of their household in exchange for a password. additional fee. In August, subscribers in Argentina, the Dominican Republic, El Salvador, Guatemala and Honduras will already be able to add an additional ‘household’ outside of the main account for $2.99 ​​per month. The plan is expected to launch widely in 2023, the company noted.

The entrance Netflix loses almost a million subscribers in the second quarter of 2022 was first published in diary TODAY.

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