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Netflix loses nearly one million subscribers

A Netflix logo is shown on a TV screen ahead of a Swiss vote on a referendum called “Lex Netflix” May 9, 2022. REUTERS/Denis Balibouse

Netflix Inc says on Tuesday that it lost 970,000 subscribers from April through June, averting the worst-case scenario projected by the company, but offered a forecast below Wall Street expectations for the current quarter.

According to Reuters, this numbers is still relatively small given that Netflix added 18 million subscribers around the world in 2021, which took its total to almost 222 million.

Netflix Inc experienced a huge percentage of subscriber losses, which was put at one million drop from April to June.

Investors took the forecast as a signal that Netflix could still find new subscribers despite a rocky global economy and signs of saturation in its biggest market, the United States and Canada.

Subscribers say Netflix has lost its spice and add up unnecessary contents while some say they find Apple+ tv more appealing in content or they would rather be off subscription since they barely use the service.

The world’s largest streaming service said it plans to launch its ad-supported option next year. It also warned that the strong dollar was hitting revenue booked from subscribers abroad.

The company had said in April it expected to lose 2 million customers in the second quarter, shocking Wall Street and raising concerns that the streaming TV boom had come to an abrupt end. 

Reporting by Nkiruka Nwachukwu, editing by Adeniyi Bakare