Netflix broadcasting titan lost subscribers in the first three months of this year, for the first time in many years, causing the company's shares to fall. The drop represents a major shortfall for Netflix, which initially estimated it would add 2.5 million subscribers in the first quarter.
The company lost 700,000 customers when it suspended its service in Russia last month following the invasion of Ukraine. Netflix last reported losing customers in October 2011. The giant's share price fell 23%. He placed part of the blame for the drop in subscribers on family members sharing the same account, something the company has recently begun to crack down on.
Netflix also noted the widespread conflict between giants such as Amazon, Disney and Apple as another reason for the drop in subscribers.
A new report released on Tuesday found that the number of people subscribing to at least one UK video streaming service had dropped, with more than 1.5 million people canceling memberships. Market research firm Kantar said more than half a million cancellations were due to the cost of living crisis.
A total of 1.51 million cancellations occurred in the first quarter of 2022.
