Netflix predicts losing 7,00,000 UK customers in two years

Netflix is expected to continue to see subscriber numbers drop, with some reports suggesting it could lose up to 700,000 UK users in two years. Of these, around 5,00,000 UK subscribers may have been lost in fiscal 2022, and the streaming giant may lose another 200,000 in 2023. The upcoming loss of subscribers has been blamed on reduced spending by budget-conscious consumers. But, at the same time, the company's ad-supported service has yet to win over customers.

First global Netflix subscriber decline

Recently Netflix laid off some staff after it reported a loss of subscribers for the first time in a decade last year. According to UK-based research firm Ampere Analysis, Netflix will see its UK user base shrink from 14.2 million to 13.7 million. Interestingly, Netflix, the most popular UK service, is forecasted to be the only streaming service to lose subscribers in 2022. This is because the company reached 800,000 subscribers in 2021.

Its competitor, Disney+, is the only primary service expected to maintain its significant momentum. Analysts say the service launched in the UK in early 2020 will report market-leading subscriber growth of 1.4 million. It is expanding its UK base to 6 million this year.

Netflix Global Revenue

Globally, Netflix returned to growth in the third quarter after losing subscribers in two consecutive quarters before. The streaming giant beat Wall Street estimates and added 2.4 million subscribers in the September quarter. The increase in subscribers was attributed to successful series, including Dahmer and Stranger Things 4.

Netflix in Asia-Pacific

Netflix's global subscriber base stands at 223.1 million, and its strongest growth during the third quarter came from the Asia-Pacific region, including India, where Netflix added 1.43 million subscribers.