Has Netflix passed its peak?
Netflix loses subscribers for first time in 10 years, predicts loss of 2 million more in Q2
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Now more than ever, life before Netflix seems like a far-off dream, especially after spending many hours locked down in the pandemic. Since its origins, the streaming giant has changed how we create and consume media, and it has seen incredible success, even becoming synonymous for streaming at home. But competitors are on the rise, and many are wondering if Netflix is beginning its fall.
That's particularly because Netflix lost subscribers for the first time in 10 years at the start of 2022, and they expect to lose even more in the spring, sending its share price crashing again on April 19, Variety reports. The streaming giant’s share price initially fell close to 20% on news that it had lost 200,000 subscribers globally during the first quarter, and things aren't looking up with a predicting loss of 2 million more global subscribers in the second quarter.
Netflix blamed the drop on a combination of factors including increased competition, the war in Ukraine, the economy, slowing rollout of broadband, and the large number of people sharing their Netflix passwords outside of their household. The company responded by saying they are now considering adding advertising to the service, in return for a lower-priced subscription, something they were previously against.
Click through to see how this company, which began as a mere DVD-by-mail service, became an industry-changing force in the world.
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