Netflix’s sub count continues to drop with the Q2 2022 earnings report revealing a decline of 970,000 thousand subs worldwide. This marks the second consecutive month the streaming site has lost subscribers at a high volume — but things are expected to get better.
Popular streaming service Netflix has had a decline in their subscriber numbers for the second time this year. Last quarter, the company reported they had lost subs for the first time in over 10 years — which led to a tanking in their stock prices.
In the latest earrings report these numbers are continuing to go down.
Across the US and Canada, Netflix subscriptions declined by 1.3 million. This is over double the 600,000 sub drop the company saw in this area during Q1. Subscriber numbers were unchanged for Latin America. However, there was also a decrease of approximately 770,000 in Europe and West Asia.
On the flip side, one area that did see growth was the Asia Pacific Region, with subscriptions growing by roughly 1 million. And while these numbers may not be a win for Netflix it is far less troubling than their initial predictions that they would lose over 2 million subscribers during this three month time period.
Shows such as Stranger Things and The Umbrella Academy are likely contributing factors as to why subscriber numbers didn’t drop as dramatically as first anticipated. Season 4 of Stranger Things has been a massive hit for the platform. Season 3 of The Umbrella Academy has also been popular.
This news comes after recent updates about a partnership between Netflix and Microsoft. The computing giant will now be the exclusive partner in helping Netflix make its service “more affordable.” From the Q2 earnings, Netflix now reports it has 73.28 million paid subscribers in the US and Canada and 220.67 million worldwide.
In the report, Netflix also highlights that while their sub count may be dropping off, those who are logging in are watching for longer periods of time. This comes out of a study done by research firm Nielsen who found that Netflix’s share of US TV viewing rose to an all-time high of 7.7 percent in June 2022. These numbers are a 1.1 percent increase from June 2021.
The report also reveals the company’s desire to acquire Animal Logic, the animation studio who created The Lego Movie. Netflix also has many big projects in the works. These include a new live-action One Piece, a new Avatar show and a second season of Squid Game.