Netflix has reportedly lost a massive sum of subscribers.
In a letter to shareholders, the streaming giant confirmed that it suffered a huge loss for the first quarter. According to the letter, over 130,000 accounts in the United States had been terminated during Q2 this year. As a consequence, the company’s stock took a hit following the news.
Additionally, Netflix’s international growth was below expectations. The company added a total of 2.7 million subscribers around the world in Q2, per Variety, including 2.83 million worldwide. In prior years the numbers were much higher. They had previously added around 5 million subscribers in a quarter, including 4.7 million internationally and 300,000 domestically.
Netflix has attributed the loss on its weaker slate of content in Q2, which concluded with the third season of Stranger Things.
Despite these huge losses, Netflix executives are anticipating a major resurgence in Q3 where they plan to add 7 million paid memberships. That’s substantially higher than the 6.1 million subscribers that were added in Q3 last year.
It is possible that the streaming giant could catch up. They have chosen to hinge it all on the critically successful third season of Stranger Things and the final season of Orange is The New Black.
This is the first time in its history that the company has lost subscribers in the domestic market.