By Zuko Komisa
Things are not looking great for the popular streaming service Netflix.
Netflix lost 970,000 subscribers between April and June as opposed to the anticipated 2 million.
According to Financial Mail, Netflix’s prospects have changed after years of explosive expansion as competitors like Apple Inc., Warner Bros. Discovery, and Walt Disney Co. spent aggressively on their own streaming services.
Also Read: South Africa’s inflation hit a 13-year high in June
The company said in a letter to shareholders that it had looked into the slowdown in more detail and had determined that it was caused by a number of variables, including password sharing, competition, and a weak economy.
“Our challenge and opportunity is to accelerate our revenue and membership growth by continuing to improve our product, content and marketing as we’ve done for the last 25 years, and to better monetise our big audience,” the letter said.
Netflix also announced that its ad-supported version will debut in 2023.
Additionally, it warned that the strong dollar was hurting subscription revenue from abroad.



