The massive streaming service, Netflix, has recorded a startling loss of 970,000 subscribers in the second quarter of 2022.
According to reports, the firm lost 200,000 members in the first quarter of 2022, the most in more than ten years.
According to Netflix, obstacles limiting its development include the time it takes for houses to acquire smart televisions and affordable broadband internet service, as well as users sharing their accounts with others who don’t live in their homes.
However, the current figures performed better than earlier predictions made by the firm itself, which forecast a loss of 2 million customers by Q2 earlier in the year.
Netflix voiced hope and confidence in its potential to weather the storm in a filing with the Securities and Exchange Commission, according to NBC News.
“Reaccelerating our revenue growth is a big challenge,” the statement read, “But we’ve been through hard times before. We’ve built this company to be flexible and adaptable and this will be a great test for us.
“We’re confident and optimistic about the future.”
Despite the loss, the organization predicts that by the end of the third quarter, the service will have around one million new subscribers.
