Netflix Loses 970,000 Subscribers in Q2 2022

Netflix experienced another decline in its paid memberships. The American streaming service lost 970,000 subscribers in the second quarter of 2022.

This figure is better than Netflix's projection of a 2 million subscriber loss. However, it represents the largest quarterly subscriber loss in Netflix's history.

Netflix now has 220.67 million subscribers as of the second quarter of this year. Previously, Netflix lost 200,000 subscribers in the first quarter of 2022, marking its first subscriber loss in 10 years.

According to Netflix, one reason for the decline is intense competition from other video-on-demand (VoD) platforms. Netflix's subscription fees are also higher than those of other VoD providers.

Nevertheless, the company projects that Netflix will gain 1 million subscribers in the third quarter (July-September 2022).

By region, the majority of Netflix subscribers in the second quarter of 2022 were from the United States and Canada, totaling 73.28 million.

The second largest subscriber base was in Europe, the Middle East, and Africa, with 72.96 million subscribers. Latin America had 39.62 million subscribers, and Asia Pacific had 34.79 million.