Netflix subscribers are going down!

According to The Information, more long-term Netflix members are cancelling their subscriptions. According to survey data obtained by the outlet, users who have been with the service for more than three years accounted for 13% of cancellations in the first quarter of 2022.

According to the statistics, overall cancellations totaled 3.6 million persons in the fourth quarter, up from 2.5 million in the previous five quarters.

The number of cancellations has increased overall, but new customers account for a lesser percentage of them, according to The Information, indicating that Netflix is struggling to keep subscribers for longer periods of time. People who had joined to the site for less than a year accounted for 70% of cancellations in the second quarter of 2021, while long-term members accounted for 6%. Last quarter, newer customers accounted for 60% of cancellations.

Netflix has had a tough start in 2022. The streaming service reported losing 200,000 customers, the first time in more than a decade. Furthermore, Netflix anticipates losing another 2 million customers. It presently has 74.58 million customers in the United States and Canada.

Netflix may undergo a number of changes over the next year or two, as the company has informed staff that it aims to offer a cheaper, ad-supported plan later this year. 

Tags:
,