Netflix seems to be bleeding subscribers while other streaming services do better
It’s hard to imagine a time without Netflix, even though the service has only been available in Australia since 2015. Continuing to hold the largest number of subscribers for any streaming service Down Under, Netflix has, for the first time in eight years, seen a drop in those numbers. It now has a total of 6.1 million after a loss of 189,000.
Growth has slowed across all the top streaming services available locally, but the Telsyte Australian Subscription Entertainment Study 2023 found Netflix to the only platform to lose subscribers in Australia in the past 12 months. Perhaps unsurprisingly, the majority of the decline can be attributed to the streaming giant’s password sharing crackdown introduced earlier in 2023. This is despite a global rise in subscriptions that was recorded in July.
Conversely, Paramount Plus and Binge saw the most growth this year, with subscriber numbers increasing by 41% and 22% respectively. Amazon Prime Video, Disney Plus, Stan and Kayo Sports also saw additional subscribers of between 1% to 9%.Bleeding numbers but plenty in the bank
As we’ve just mentioned, despite the loss in Aussie subscribers, Netflix is still seeing growth globally. So clearly Aussies aren’t happy with the password crackdown that came into effect in May 2023. And that’s fair, particularly with the cost-of-living crunch making it hard for most families to prioritise more important expenses.
If Netflix starts bleeding subscribers in other markets, then there’s going to be cause for concern as it’s the money that goes into funding Netflix original productions. Still, the popular streaming platform should have plenty in the bank to carry on without breaking a sweat for now.
That said, Netflix has previously proven that it won’t hesitate to cancel shows that don’t gain worthy reception from audiences.
