Streaming giant Netflix loses one million subscribers according to the streaming giant's second quarter report
According to Netflix’s second quarter financial report, the streaming giant has lost around 970,000 subscribers, the biggest loss in the company's 25-year history.
The company in the ongoing year have predicted the loss as it was already losing a number of subscribers daily seeing as it is now behind with near to two million subscribers.
In fact, a large portion of Netflix's Q2, quarter 2, report seemed to be an effort to reassure investors and the media industry that the streaming firm had taken a lesson from the news from April, when it revealed a 200,000 member drop — which was a huge set back, sent their stock plummeting 37% in a day, leading to several rounds of dismissals and belt-tightening.
The report still predicts a one million subscriber increase in the third quarter, which is a small bit of positive news.
In a sense, Netflix suffered the most public blow in April; this report comes after with a more than anticipated subscriber loss. However, several initiatives have been targeted to increase the number of subscribers and new ways of generating revenue.