Netflix has reported a decline in its total subscriber count for the first time since October 2011. The firm has attributed this to its exit from Russia and cancellations due to price hikes.
In its earnings report for the first quarter of 2022, Netflix informed shareholders that it has lost 200,000 subscribers in this period. This is the first time in over a decade that the streaming platform has lost subscribers. The primary reasons for this negative trend include households canceling subscriptions to save money as streaming costs continuously increase, as well as the company’s exit from Russia. Netflix has cautioned shareholders that subscriber counts may continue to drop but it plans to counter this problem soon by cracking down on password sharing.
