Netflix, the OTT streaming platform, has suffered a major setback in the last ten years. The figures for the first quarter of this year have been released
Trivandrum, First Published Apr 20, 2022, 4:58 PM IST
The biggest setback in ten years is the direct OTT streaming platform Netflix. The figures for the first quarter of this year have been released. Netflix lost 2,00,000 subscribers between January and March. This is the biggest crash the leading streaming platform has experienced in the last decade. Netflix lost a quarter of its value in the stock market today after the company reported a decline in its subscriber base.
Ukraine – Netflix attributes the crash to the suspension of its services to Russia following the conflict in Russia. Following the announcement of Netflix’s withdrawal from Russia, Netflix lost 700,000 subscribers. This is the first time streaming giant Netflix has suffered such a setback. The Netflix stock market, which started in China six years ago and has grown to other parts of the world, has suffered a major setback today.
Netflix had a net profit of $ 1.6 billion in the first quarter. Net profit for the same period last year was $ 1.7 billion. Shares of Netflix fell 25 percent to $ 262 on the back of earnings figures.
The company estimates that about 222 million households have Netflix subscribers, but one billion households use the Netflix service unpaid. Netflix estimates that sharing subscriptions with many, even non-family members, affects growth. Netflix faces stiff competition from streaming platforms such as Apple and Disney.
Last Updated Apr 20, 2022, 5:03 PM IST
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