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.