Netflix looses 200k subscribers in the first quarter and projects losing another 2 billion in the second quarter as they crackdown on password sharing. This is the lowest drop since 2011.
Netflix says that competition from other streaming platforms and the lifting of COVID-19 restrictions are just some factors affecting its growth. To prevent losing more subscribers, Netflix is considering adding more compelling content, lower subscription prices, and monetizing the sharing of passwords by adding a fee.
Photo Credit: BNN Bloomberg
Netflix says that their main problem is that more than 100 million non-paying viewers are accessing its service through password sharing between family and friends. Inflation has risen in the past few months, putting pressure on household budgets, and prompting people to cut back on discretionary spending.
Netflix is trying to entice new subscribers by offering free video games, a service that began rolling out last year.
Enjoy it while you can!
