NETFLIX is the leading streaming platform as of late – or so we thought. It turns out that their case as the biggest name in the video streaming industry could be thrown out of the window this year.
In the first quarter of 2022, Netflix has already lost about 200,000 subscribers and its shares decline by more than 20%. At this rate, they could potentially lose more than 2 million subscribers by the end of the year. This is really an alarming and concerning situation for Netflix.
What tarnished Netflix’s brand?
A lot of people think that there are already a lot of other platforms to choose from that are better than Netflix. With the rise of Hulu, YouTube TV, Disney+, HBO Max, Amazon Prime, and Apple TV+, viewers now have a handful of choices for their entertainment needs.
While the competition Netflix has is rising, there are also more plausible reasons why they are losing subscribers.
- Netflix continues to raise its prices which they said were to be used for creating more content. But, because of the situation, they are in today, they’re planning to lower it to attract more users.
- Sometimes, they cancel shows that people were rooting for. Some of these shows were sort of entertaining wherein viewers thought they would be continued.
- They’re planning on discouraging password sharing on all of the accounts. In line with that, there’s a new feature Netflix is testing as of late. With the latest feature, accounts that share passwords will have a raised subscription price by a certain amount.
- Finally, Amazon had just recently acquired the popular film and television studio MGM (Metro -Goldwyn-Mayer). This only means that MGM originals could become exclusive to Amazon Prime.
- The suspension of its service in Russia also led to a loss of 700,000 subscribers.
The company predicted that they will be adding 2.5 million subscribers early this year, instead, they lost some of them.
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