Netflix Lost 1 Million Paid Subscribers in the Second Quarter 2022

Netflix is one of the most popular and preferred OTT platforms. Netflix also has the highest subscribers than other OTT platforms. But do you that Netflix lost nearly one million paid subscribers in the second quarter of this year. The company revealed in its second-quarter financial report that it lost 9,70,000 subscribers, that's more than the 2,00,000-member in the first quarter. “The second quarter was better-than-expected on membership growth, and foreign exchange was worse-than-expected (stronger US dollar), resulting in 9 percent revenue growth (13 percent constant currency),” the company said in a statement.

"Our challenge and opportunity are to accelerate our revenue and membership growth by continuing to enhance our product, content, and marketing as we have for the previous 25 years," it said.

Netflix has 73.28 million paid customers in the United States and Canada, and 220.67 million worldwide, with a million more expected in the third quarter.

Netflix's revenue rose by 9% year on year, from $7.3 billion in 2021 to $7.97 billion this quarter. In April, the platform recorded a 2 lakh paid subscriber loss in the first quarter of 2022, its first in almost a decade. Furthermore, Netflix predicts a 20 lakh global paying subscriber loss in the second quarter of 2022.