Netflix lost a record 970,000 subscribers during the second quarter but it was much lower than the two million the streamer originally forecast.
Netflix today reported its second-quarter results which showed a record quarterly decline of 970,000 subscribers. Some are considering this a big win for the video streamer considering that last quarter the company predicted that it would lose 2 million subscribers during the three months ended in June. Netflix now has 220.67 million subscribers and expects to add one million more during the current quarter ending in September.
In a letter to subscribers released today, Netflix not only announced its lower-priced ad-supported tier but also revealed that its new"add a home" feature, designed to reduce password sharing, would cost an extra $3 per month for a household to share their service with another household. In the letter, the company wrote about the ad-supported tier, "We’ll likely start in a handful of markets where advertising spend is significant.
As usual in this business, content is king and Netflix continues to produce big-budget films like the kind you might normally expect to see in the theater."Stranger Things" fourth season was a big hit for the video streamer as viewers flocked to the latest version of the show which was nominated for several Emmy awards.
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