Despite the enormous success of shows like Stranger Things, Netflix subscriber losses have continued to grow recently as new reports have revealed.
With the cost of living skyrocketing and more competition than ever before, it would seem that people have been quelling their expenditure by unsubscribing from Netflix and either looking elsewhere or going back to conventional TV.
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 remain the highest in the firm’s history with the bulk of the cancellations coming from their usual stronghold of US and Canada.
As Randy Newman once sang, “It’s lonely at the top,” and it would seem that fact has had a huge but inevitable impact on Netflix as more firms have looked to join it. It couldn’t remain the only streamer forever, thus increasing competition has lowered its standing in a competitive market hit by external economic downturns.
As of yet, Netflix are assessing their option about how to tackle the slide, but as the success of Stranger Things has shown, strong content is key.