SAN FRANCISCO (AP) — Netflix shed almost 1 million subscribers during the spring amid tougher competition and soaring inflation that’s squeezing household…
Netflix was probably spared from deeper losses by the ongoing popularity of “Stranger Things,” its science fiction/horror series that debuted in 2016. Following the release of the series’ fourth season in late May, Netflix said, viewers watched a total of 1.3 billion hours of it over the next four weeks — more than any other English-language series in the service’s history.Article content
The loss of nearly 1.2 million subscribers during first half of this year also provides a start contrast to the pandemic-driven growth that Netflix enjoyed during the first half of 2020 when its streaming service picked up nearly 26 million subscribers.Article content Although Netflix’s springtime subscriber losses weren’t as bad as investors and management feared, the downturn served as a grim reminder of the challenges now facing the Los Gatos, California, company after a decade of unbridled growth.Article content
“Netflix is still the leader in video streaming but unless it finds more franchises that resonate widely, it will eventually struggle to stay ahead of competitors that are after its crown,” said Insider Intelligence analyst Ross Benes.Article content
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