Netflix is facing tough competition and has said it lost 970,000 subscribers from April till June. Rivals are challenging its dominance, while price hikes have taken a toll, reported BBC.
According to BBC, the online streaming giant said that the subscriber losses reported on Tuesday were the biggest in the firm’s history, with the US and Canada home to the highest number of cancellations in the quarter, followed by Europe.
Speaking on what might have stopped further losses, firm’s chief executive, Reed Hastings, said: “If there was a single thing, we might say ‘Stranger Things’.”
According to BBC, the new season of the hit drama has been a phenomenal success, and may have helped stem the exodus of Netflix customers.
The company had reported its first subscriber losses since 2011 in April. It soon followed hundreds of job cuts.
BBC also reported that Netflix faces fierce competition from the likes of Apple TV, HBO Max, Amazon Prime and Disney+. Netflix was once the disruptor, making video rental stores like Blockbuster redundant. But the disruptor is fast becoming the disrupted.
Reuters reported, Netflix plans to launch an ad-supported option next year.