NEW YORK – Netflix has revealed it lost subscribers for the first in 10 years at the start of 2022, sending its shares crashing.
The streaming pioneer has stumbled in the face of increased competition from the likes of Disney, Amazon Prime and the reopening of cinemas.
The US firm has seen its shares cut in half over the past six months as investors have grown increasingly concerned by the company’s change in fortunes.
The PA news agency has looked at the challenges facing Netflix and what the company is likely to do next.
The main issue for Netflix is simply that it lost viewers over the start of the year while its biggest rivals made gains.
Netflix revealed recently that it lost 200,000 users over the first three months of 2022, falling well short of predictions it would add 2.5 million subscribers.
In the UK, the pressure on streaming firms has become apparent as customers look to reduce their number of subscriptions as they witness soaring energy and goods bills during the cost-of-living crisis.
Experts at Kantar said earlier this week that around 1.5 million subscriptions have been axed in the UK since the start of 2022.
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