Streaming giant Netflix raised its subscription prices earlier this year — and now, just a few months later, the company's stock price is plummeting due to a drop in subscribers.
Netflix reported a 200,000 drop in subscribers in the first quarter of 2022. This comes on the heels of a year of slowing growth. Due to the news, Netflix shares dropped by more than 35 percent this week [via The Wall Street Journal] — the company's biggest drop in more than a decade. The company had been projected to add 2,500,000 subscribers this quarter.
The decline in subscribers is due, at least in part, due to Netflix withdrawing from Russia due to the war in Ukraine, which lost the company 700,000 subscribers. Netflix is projecting a loss of another 2,000,000 subscribers in the second quarter of 2022.
Netflix has announced some new plans to drive up subscriptions (or at least slow the decline). It plans to crack down on password sharing, and is looking into creating an ad-supported membership tier for a lower price.
The streaming landscape has become increasingly crowded in recent years, with Disney, Apple and Amazon all making headway with their own successful services.
And who knows — maybe if The Bubble were better, Netflix wouldn't be in this mess. Read Exclaim!'s guide to the best and worst of streaming content of April 2022.
Netflix reported a 200,000 drop in subscribers in the first quarter of 2022. This comes on the heels of a year of slowing growth. Due to the news, Netflix shares dropped by more than 35 percent this week [via The Wall Street Journal] — the company's biggest drop in more than a decade. The company had been projected to add 2,500,000 subscribers this quarter.
The decline in subscribers is due, at least in part, due to Netflix withdrawing from Russia due to the war in Ukraine, which lost the company 700,000 subscribers. Netflix is projecting a loss of another 2,000,000 subscribers in the second quarter of 2022.
Netflix has announced some new plans to drive up subscriptions (or at least slow the decline). It plans to crack down on password sharing, and is looking into creating an ad-supported membership tier for a lower price.
The streaming landscape has become increasingly crowded in recent years, with Disney, Apple and Amazon all making headway with their own successful services.
And who knows — maybe if The Bubble were better, Netflix wouldn't be in this mess. Read Exclaim!'s guide to the best and worst of streaming content of April 2022.
