The number of UK-based Netflix subscribers fell by 167,000 to 29.4million in the first three months of the year, according to new figures. The stop is largely the result of increased competition and the cost of living crisis.
Surging inflation has resulted in many UK families deciding to cancel their subscriptions, with data showing that some are abandoning on-demand TV altogether. The number of households signed up for at least one on-demand video service dropped by 144,000 to 16.1 million.
Netflix is the most significant causality of this new consumer trend, with the streaming service suffering the largest absolute loss of subscriber numbers in the first three months of the year. According to Dominic Sunnebo, global insight director at Kantar, there has been a gradual decline across almost all Netflix metrics, including viewer satisfaction with the variety of original, TV and film content.
Mr Sunnebo said: “Netflix consumers are increasingly questioning the value for money they get from their subscriptions and when consumer finances remain tight, this is translating into increased churn.” [quotes via The Telegraph].