Netflix loses 200,000 subscribers

Netflix reported on Tuesday (April 19) that it had lost over 200,000 subscribers from January to March causing its shares to drop by 25 percent in extended trading. The drop in subscribers in 2022 was also caused by Netflix’s decision to withdraw from Russia to protest the war against Ukraine, resulting in a loss of 700,000 subscribers. Netflix CEO Reed Hastings said that changes on Netflix will be implemented to crack down on the sharing of subscriber passwords that have enabled multiple households to access its service from a single account during the next year or so. “Covid created a lot of noise on how to read the situation,” Netflix said addressing the issues contradicting its previous prediction of gaining momentum. According to an estimate by the Los Gatos, California, company, over 100 million households worldwide are watching its service for free by using the account of a friend or another family member, including 30 million in the US and Canada. "Over 100 million households already are choosing to view Netflix,” Hastings said. “They love the service. We’ve just got to get paid at some degree for them,” he continued. JMS/Expat Media
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