Netflix “Only” Loses 970,000 Subscribers In Second Quarter

Eleven seems to be saving more than Hawkins, as Stranger Things 4 helped staunch the bleeding on subscriber losses on Netflix since the streaming service’s rough first quarter. In the second quarter of 2022, the streaming giant lost almost a million subscribers (970,000 to be precise), about one million less than predicted during their first quarter earnings call.

This brings Netflix’s current total global subscriber base to 220.67 million, and the streamer expects to add that lost million back in the third quarter.

In April, Netflix announced they had lost 200,000 subscribers in the first quarter with a predicted loss of 2 million subscribers in the second quarter. As a result, shares in the company were down 46% since the announcement and a whopping 70% since the start of the year.

While subscriber numbers for the second quarter didn’t completely bounce back, a loss of one million is significantly less than what was expected, and can certainly be attributed (at least in part) to stronger than expected viewing numbers for Netflix’s massive hit, Stranger Things. With seven episodes of the season dropping during the second quarter, and two more (massive hit) episodes dropping during the third quarter, it could be expected that those numbers may stop dropping entirely and might start… Running up that hill.

In an effort to combat the first loss in subscribers since 2011, Co-CEO Reed Hastings announced in April that the company would eventually add a cheaper subscription tier that would display advertisements, something he had previously not supported.

The streamer has also laid off close to 450 employees and plans to crack down on password sharing. Despite there being nearly 222 million households with access to Netflix, the company estimates that over 100 million households gain access to the streaming service by using someone else’s password.

With HBO Max slowly creeping up on Netflix’s subscriber count as well as scoring 140 Emmy nominations combined between the streamer and HBO, compared to Netflix’s 105 nominations, the future of subscribers for the long-standing streaming service may be unclear. However, with the upcoming fifth seasons of Cobra Kai and The Crown as well as other highly-anticipated works, they may be able to finish the year out strong.