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Netflix loses nearly one million subscribers in second quarter

Netflix loses nearly one million subscribers in second quarter

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Netflix has revealed it lost 970,000 subscribers in the second quarter of 2022, less than the company originally estimated.

The streaming service announced its second-quarter 2022 earnings on Tuesday (July 19), which spans the three-month period between April 1 and June 30.

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  • READ MORE: Here’s what we know about Stranger Things season five

Earlier this year, following a surprise decline of 200,000 subscribers in the first quarter, Netflix projected a loss of two million streaming subscribers for the second quarter. As such, this figure is much lower than the company originally anticipated.

In a letter to shareholders (via Variety), Netflix revealed it has 220.67million subscribers globally and is expecting to report gains in the third quarter, projecting a boost of one million subscribers from July 1 to September 30.

‘Stranger Things’ season four CREDIT: Netflix
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This comes after Netflix announced it was cracking down on password sharing. Since the first quarter, the company has introduced a new tier for those sharing passwords between households in some countries.

Netflix has also partnered with Microsoft to create a cheaper subscription supported by advertising, which is expected to launch in “the early part of 2023”.

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In recent months, Netflix released the fourth season of Stranger Things in two volumes. The first seven episodes were released on May 27, while the final two episodes followed on July 1 – spreading it out over Q2 and Q3 respectively.

In a four-star review of Stranger Things, NME wrote: “While t. are some gripes to be had with the penultimate season of the show, it still packs in all the terrifying thrills you’d expect, deftly blending horror and sci-fi to maximum effect while still allowing for some laughs among the bleakness.

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“It’s a finely-tuned formula that’s given us yet another sublime season and, hopefully, one more to come.”

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