Netflix Lost Nearly 1 Million Subscribers In 3 Months

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Netflix reveals that the company lost nearly 1 million subscribers in three months. Back in 1998, consumers paid a relatively low monthly fee to Netflix to have an unlimited amount of DVDs sent to their homes in a red envelope. Since then, Netflix has evolved into a streaming giant. It has launched numerous original series and Oscar-winning movies, paved the way for other streaming services to form and led to the decline of video rental stores.

Since 2014, Netflix has increased its subscription prices several times, with the cost of a standard plan now toting a price tag of $15.49.Once hailed as the leader of the streaming service world, Netflix has recently endured several setbacks. Now the most expensive streaming service among its competitors — such as HBO Max, Prime Video, and Disney+ — the company revealed it had lost 200,000 subscribers at the beginning of 2022. That was the first time it has suffered a loss in a decade. Recently, Netflix laid off 150 employees, citing slow revenue growth and subscribers loss as the need to cut costs.

Related: Netflix Is Missing 1 Easy Way To Help Fix Its Subscribers Woes

Now, the company has disclosed a new tally of lost subscribers. Per IndieWire, Netflix reports a loss of 970,000 paid subscribers in three months. However, the loss during the second quarter is better than expected, as Netflix originally forecasted the company would lose 2 million subscribers. Despite the quarter ending with a net loss, Netflix continues to retain an impressive 220.67 subscribers from around the globe.

At this time, Netflix appears to have a game plan to repair the company's recent blunders and predicts that it will add 1 million subscribers in its third quarter of 2022. The streaming giant seems