The company’s customer base fell by 200,000 subscribers during the January-March period, according to its quarterly earnings report released Tuesday.
It's the first time that Netflix's subscribers have fallen since the streaming service became available throughout most of the world outside of China six years ago. The drop this year stemmed in part from Netflix's decision to withdraw from Russia to protest the war against Ukraine, resulting in a loss of 700,000 subscribers.
Aptus Capital Advisors analyst David Wagner said it’s now clear that Netflix is grappling with an imposing challenge. “They are in no- man’s land,” Wagner wrote in a research note Tuesday. The setback follows the company's addition of 18.2 million subscribers in 2021, its weakest annual growth since 2016. That contrasted with an increase of 36 million subscribers during 2020 when people were corralled at home and starved for entertainment, which Netflix was able to quickly and easily provide with its stockpile of original programming.
To stop the practice and prod more people to pay for their own accounts, Netflix indicated it will expandthat allows subscribers to add up to two people living outside their households to their accounts for an additional fee.
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