Netflix has seen its first decline in users for over 11 years, with more than 200,000 users opting out of the platform so far in 2022.
Who’s watching? Apparently a lot less people than before. It looks like Netflix are beginning to witness the consequences of greed, with nearly a quarter of a million users cancelling their subscriptions since the start of the year.
Coincidentally, the platform increased their prices to $22.99 for the premium model, and $17 for the standard subscription.
Even though Netflix gained one million users in Africa this year, they also lost 600,000 users in Canada alone due to the price hike, and another 700,000 for ceasing operations in Russia.
So while the price increase is playing a role in the user decline, Netflix did also make the difficult call to cut ties with Russia, which hit the company’s own profits quite hard.
But of course, as we saw with Facebook earlier in the year, if a platform loses users for the first time in history, it’s bound to plummet on the stock market.
Shares in Netflix have gone down by 20 per cent since this quarter’s statistics were publicised, and the platform are forecasting that the number of subscribers will drop dramatically again before the July, anticipating a loss of two million accounts.
That said, there are still a whopping 221.6 million active Netflix accounts worldwide, and considering how many people scab off one account, that’s a lot of people watching Bridgerton.