More long-term Netflix subscribers are canceling their subscriptions, according to a report from . Surveys by the outlet revealed that customers who have been with the service for more than three years were responsible for 13 percent cancellations in the first quarter of 2022.
The data says it received its data from Antenna, an analytics firm that collects data from 5 million Americans who share their streaming subscriptions anonymously. The data shows that overall cancellations hit 3.6 million people in the last quarter, an increase from 2.5 million cancellations in the last five quarters.
As the number of cancellations has increased overall, data reports that new users are accounting for a small portion of them – another indicator that Netflix users are struggling to hold on for longer. In the second quarter of 2021, 70 percent of those who subscribed to the platform for less than a year were canceled, while long-term customers accounted for six percent. Last quarter, 60 percent were canceled by new customers.
By the way, many of my colleagues who have been with Netflix for years have already given up their Netflix subscriptions or at least are considering it. Although I’ve (admittedly) lost and stopped a shared Netflix subscription, I no longer see it myself due to a selection of shows and movies, some of which I can easily find on other services I subscribe to like Hulu and Peacock. Not to mention it has been canceled Archive 81 – and yes, I’m still mad about it – which is actually one of the few shows I’ve enjoyed watching on Netflix.
Also, as our news editor Richard Lowler rightly points out, after all the rate hikes over the years, Netflix’s “price has risen beyond the default subscription limit, and by comparison it’s easy to” forget I was out of range, “like Hulu. Cheaper than other services, for an ad-supported plan, which costs only $ 6.99 / month
Netflix has started roughly 2022. In the first quarter, the streaming giant reported losing 200,000 subscribers , the first time in more than 10 years that it has lost subscribers. On top of that, Netflix expects to lose another 2 million subscribers in the second quarter of 2022. It currently has a total of 74.58 million subscribers in the United States and Canada.
Many factors contribute to Netflix’s fluctuating subscriber base. In March, Netflix suspended its services in Russia due to the war against Ukraine, cutting off nearly one million subscribers in the country. Netflix has since raised prices across all of its subscription levels, with the original plan being $ 9.99 / month (from $ 8.99), its standard plan being $ 15.49 / month (from $ 13.99), and its premium level being $ 19.99 / month (from $ 17.99).
We’ll probably see several changes from Netflix in the coming years, as the platform has told employees that they plan to launch a cheaper, ad-supported plan sometime this year. Reed Hastings, co-CEO of Netflix, was not ashamed to share the password.
The service is currently testing a feature in Chile, Costa Rica and Peru that will allow customers to add a “sub-account” to use the service outside of their family at a lower cost. Netflix is also working on live streaming for comedy specials and other unscripted content. That said, if it wants to keep pace with the likes of Disney Plus, it may want to do so soon, adding 8 million new subscribers in the last quarter and has already confirmed that both a livestreaming feature and an ad-supported layer are in the works. .