You can’t be king forever, and amid a downturn in expenditure on just about everything from millions of households, Netflix has been one of the firms hit hard.
Despite the huge success of the sensational Stranger Things, Netflix subscriber losses have continued to grow recently as their latest report revealed.
With the cost of living crisis and growing competition, it would seem that people have been cutting back on their expenditure by unsubscribing from Netflix and looking elsewhere or going back to conventional TV.
This has also been impacted by a return to pre-lockdown habits and people have been spending less time in the house and more time out and about.
Worryingly for Netflix, the trend is an upward curve to as the losses have accelerated of late with 1 million people leaving the service between April and July.
However, this figure is not as bad as the bosses feared given just how hard some households have been hit. As their chief executive, Reed Hastings, said: “If there was a single thing, we might say Stranger Things.”
Nevertheless, the losses reported are the highest in the firm’s history with the bulk of the cancellations coming from their usual stronghold of the US and Canada.
As the legendary Randy Newman once sang, “It’s lonely at the top,” and it would seem that reality has had a huge and inevitable impact on Netflix as more firms have looked to topple it from its per h.
It couldn’t remain the only streamer forever, thus increasing competition has lowered its standing in a competitive market hit by external economic downturns. People simply don’t have the funds to be cashing out for multiple streaming subscriptions now.
As of yet, Netflix are assessing their options regarding how to tackle the slide, but as the success of Stranger Things has shown, strong content is key.