ARe you still watching?
Netflix loses subscribers AGAIN as it starts charging users for sharing their passwords
NETFLIX has suffered another crushing blow as the Stranger Things maker revealed its lost almost a million subscribers.
Some 970,000 viewers quit the streaming giant between April and July, following a massive exodus at the beginning of the year.
1
The firm had already began tightening its belt with job losses and the axing of some shows.
Netflix has faced fierce competition with new rivals like Disney+ bursting onto the scene.
People have also been forced to make tough choices as the cost of living crisis bites.
The highest amount of cancellations came from the US and Canada, followed by Europe.
Read more about Netflix
But the number of losses this time round is actually better than bosses had feared.
And they believe it's thanks to the huge success of their hit sci-fi horror series.
"If there was a single thing, we might say Stranger Things," company chief Reed Hastings said.
Despite feeling the pinch Netflix remains top of the streaming wars.
Most read in Tech
But bosses have several big plans to bring their bank balance back up to its former glory.
A crackdown on accounts that are shared outside their household has already started, requiring people to pay extra if caught.
So far, it's only being tested in five countries including Argentina, El Salvador, Guatemala, Honduras, and the Dominican Republic.
The other huge change is a new cheap membership tier supported by ads.
Netflix is teaming up with Microsoft on the plan, which insiders predict could bring costs down to as little as £5.49/$7.99 in the UK and US.
Read More on The Sun
"While, the last set of results were a bombshell, this quarter was much better than expected with lower subs losses," analyst Paolo Pescatore from PP Foresight said.
"This comes at a crucial time given the cost of living crisis having a profound impact on all companies; no one is immune."
Best Phone and Gadget tips and hacks
Looking for tips and hacks for your phone? Want to find those secret features within social media apps? We have you covered...
- How to delete your Instagram account
- What does pending mean on Snapchat?
- How to check if you've been blocked on WhatsApp
- How to drop a pin on Google Maps
- How can I change my Facebook password?
- How to go live on TikTok
- How to clear the cache on an iPhone
- What is NFT art?
- What is OnlyFans?
- What does Meta mean?
Get all the latest WhatsApp, Instagram, Facebook and other tech gadget stories here.
We pay for your stories! Do you have a story for The Sun Online Tech & Science team? Email us at [email protected]
Topics