Netflix Loses Around 10 Lakh Subscribers: There is a steady decline in the subscribers of Netflix. The company on Tuesday released its second quarter earnings statement (Q2 2022).
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For the first time in its history, Netflix lost nearly 970,000 paid subscribers in the June quarter, which is still better than the two million it was expected to lose. In the March quarter (Q1 2022), the streaming giant lost nearly 200,000 paid subscribers.
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Currently, the company reports that it has 220.67 million paid members across the globe. Thanks to the rollout of its most popular English language show – Stranger Things Season 4 Vol 1 and 2. It is also expected to add one million subscribers in the next quarter. The company also added new episodes of other popular shows like Better Call Saul and Peaky Blinders. Which could boost the customer base in this quarter ending September.
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Company officials remain optimistic about this quarter (Q3 2022). Interestingly, despite the decline in the customer base, the company still saw a growth in revenue in Q2 2022 (9 per cent growth YoY). Revenue is expected to decline in the next quarter.
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In its quarterly report, Netflix states, “The appreciation of the US dollar (USD) versus most other currencies was the primary reason for the variance of our revenue guidance forecast” since its April earnings report.
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