Netflix loses subscribers for first time in 10 years

Netflix has lost subscribers for the first time in 10 years and said it expects to lose even more in the coming year.

“Our revenue growth has slowed considerably,” the firm told shareholders on Tuesday after publishing its first quarter results.

“Our relatively high household penetration – when including the large number of households sharing accounts – combined with competition, is creating revenue growth headwinds.”

According to its latest financial report, on top of its 222m paying households, Netflix is being shared with over 100m additional households, an issue that makes it “harder to grow membership in many markets” and a problem that was obscured by the company’s growth during the pandemic.

Earlier this week, BizAsia reported that Brits have cancelled more than 1.5m OTT subs in 2022 so far.

Netflix also faces intense competition from other streaming platforms Amazon, Apple and Disney.