Looks like folks might be getting tired of Netflix increasing their prices. The major streaming platform shared that they recently lost a ton of subscribers, falling to 221.64 million, which means they are down 200,000 subscribers from where they reported at the end of the fourth quarter.
The subscriber amount fell well short of corporations’ marks of another 2.5 million calculated, which would have carried the company to 224.34 million. Wall Street analysts predicted the same level of growth.
$NFLX losing subscribers should be a warning against betting on price increases to customers…even though there is still a lot of value from a service like Netflix.
Customers will walk.
— P1 (@dayalamit) April 19, 2022
Hey @netflix if you want more subscribers stop overpaying for trash content and maybe add more episodes like nobody feels good with 5-8 hr season
— post n ghost (@richardschnurr) April 19, 2022
Did you ever think maybe the outrageous price increase probably did this to you. Your Greed will be your downfall.
CNBC: Netflix shares crater 23% after company reports it lost subscribers for the first time in more than 10 years.https://t.co/0fY1QALDf0
— Commonsensewithkevspence (@Spence79K) April 19, 2022
It marks the first time Netflix’s worldwide subscribers have chartered, although the service previously saw a decrease in U.S. subscribers in 2019. Now Netflix is bracing for things to get even worse with a projected loss of another 2 million subscribers during the April-June period.
The disappointing performance affected Netflix’s stock price to plunge 23% in extensive trading. Investors had already been bailing out of the company’s once high-flying stock amid a dramatic slowdown in subscriber growth. If the shares function similarly in Wednesday’s formal trading session, Netflix’s stock will have lost more than its value so far this year.
$AMC
Say what you want but streaming doesn’t have a future w/o a pandemic.
CNN + cant draw viewers
Apple + New Jon Stewart show only drew 40,000 viewers
Netflix losing millions of subscribers
Hulu is basically HBO
People like seeing a movie on the big screen how it should be— R.W.P. Retail-Will-Prevail(Supermac11) (@StevenM28021817) April 19, 2022
Any fool can see why @netflix is losing subscribers. User interface is poor with limited search facility and no personalisation. The fact that new & upcoming has decades old films & tv does not fit with younger demographic & (in the UK) loads of tv available for free elsewhere.
— Brian Kennedy-McCrea 🇺🇦 (@brikennedy) April 19, 2022
It marks the fourth time in the last five quarters that Netflix’s subscriber expansion has fallen below the profits of the previous year, raising investor worries that its streaming service is mired in a malaise that has been heightened by strengthening competition from well-funded opponents such as Apple and Walt Disney.