Sunday, July 3, 2022

Survey shows Netflix is ​​losing more regular subscribers

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Shreya Christina
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More long-term Netflix subscribers are canceling their subscription, according to a report by The information† Survey data viewed by the point of sale showed that subscribers who had been with the service for more than three years accounted for 13 percent of cancellations in the first quarter of 2022.

The information says it got its data from Antenna, an analytics company that collects data from 5 million Americans who share their streaming subscriptions anonymously. The data showed that total cancellations in the past quarter affected 3.6 million people, up from 2.5 million cancellations in the past five quarters.

As the number of cancellations in general has increased, The information reports that new users account for a smaller portion of them — another indicator that Netflix is ​​struggling to retain users for long periods of time. In the second quarter of 2021, respondents who had subscribed to the platform for less than a year accounted for 70 percent of cancellations, while long-term subscribers accounted for six percent. 60 percent of cancellations in the past quarter were made by newer subscribers.

Hereby The edgeSome of my colleagues who have worked at Netflix for years have already canceled their Netflix subscription or are at least considering it. While I’m (admittedly) spoiled and fiddled with a shared Netflix subscription, I find myself not watching it as much anymore due to the selection of shows and movies, some of which I can find just as easily on other services. , such as Hulu and Peacock. Not to mention that it canceled Archive 81 – and yes, I still love it – which was actually one of the few shows I enjoyed watching on Netflix.

Plus, as our news editor Richard Lawler aptly points out, after all the rate hikes over the years, Netflix’s price has “risen out of the standard subscription range, and it’s easily out of ‘forget I even had it'” by comparison. with to cheaper ad-supported plans of other services like Hulu, which cost just $6.99 per month.

Netflix has got off to a rough start in 2022. In the first quarter, the streaming giant reported losing 200,000 subscribersit was the first time it lost subscribers in over 10 years. In addition, Netflix expects to lose another 2 million subscribers in the second quarter of 2022. Currently, it stands at a total of 74.58 million subscribers in the US and Canada.

A number of factors contribute to Netflix’s hesitant subscriber base. In March, Netflix suspended its services in Russia because of the war against Ukraine, forcing the a million subscribers in the country† Netflix later increased the price on all of its subscription tiers, bringing the Basic plan to $9.99/month (from $8.99), the Standard plan to $15.49/month (from $13.99), and the premium tier to $15.99/month. $19.99/month (from $17.99) came in.

We’ll likely see some changes from Netflix within the next year, as the platform has reportedly told employees it plans to launch a cheaper ad-supported plan sometime this year. Netflix co-CEO Reed Hastings wasn’t shy about tackling password sharing either.

The service is currently testing a feature in Chile, Costa Rica and Peru that will allow subscribers to add “subaccounts” for anyone using the service outside of their household, at a lower cost. Netflix is ​​also working on live streaming for comedy specials and other unscripted content. That said, it may want to do that soon if it wants to keep up with Disney Plus, which added 8 million new subscribers last quarter and already has both a live streaming feature and an ad-supported tier confirmed to be in the market. be the making.

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