HomeBusinessNetflix reported 3.6 million US service cancellations during Q1

Netflix reported 3.6 million US service cancellations during Q1

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Netflix admitting that it is losing paid subscribers quickly, Antenna, a data analytics provider, has revealed that Netflix actually had 3.6 million cancellations within the US, its most matured markets, in the first quarter (Q1) of this year.

Netflix’s quarterly loss was more than the Q1 2021 and Q4 2020 losses.

Netflix’s active monthly streaming rate at March’s end was 3.3%

Data shows that Netflix’s active monthly churn rates increased by +0.95p point month-over-month in Jan. According to a blog post by the US-based analytics company, Netflix’s active monthly churn rates had reached 3.3% as of March 2022.

Antenna experienced a spike in Netflix churn last September 2020. It was an isolated event (the service released Cuties to great controversy in September 2020).

Netflix “Gross additions” have been relatively stable over the past six quarters. They ranged from 2.2million to 2.9million.

According to the report, all plan tiers were subject to price increases in January 2022. This caused an increase in cancellations.

Netflix is currently exploring lower-priced and ad-supported options to reenergize its subscriber growth.

Brendan Brady, Media and Entertainment Lead, stated that Netflix’s performance in the quarter overall suggests increased price sensitivity. This is likely to be exacerbated by the proliferation of services and consumer choice.

Netflix is rapidly losing long-term customers — who have been using the streaming service for at least three years — adding to its problems as it faces slowing growth and revenue decline.

Netflix laid off almost 150 employees in the US, amid slow revenue growth.

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