As the customer canceling service increases, Netflix is losing its long-term subscribers along with the new subscribers

The very known and all the time entertainment application that streams original series, TV shows, documentaries, and movies, Netflix, has lost 200,00 of its subscribers in the fourth quarter of the year. As per the shareholders’ note, the application has currently lost potentially two million subscribers. Recently, a new research was carried out, which shows that many of Netflix’s loyal subscribers are canceling their subscriptions, and the number of people canceling was seen to rise hastily in the previous few years.

Antenna, a research firm, conducted this research and shared the important information they found, with The Information. The survey shows that amongst Netflix’s old subscribers, people who were subscribers for three years or more, only 5% contributed to the cancelation at the beginning of this year, however, in the first quarter of this year, the number rose to 13%.

For the new subscribers, on the other hand, the rate of cancellation was 64% in the fourth quarter of the year, which was later reduced to 60% in the quarter. Generally, the total cancellations in the first quarter were over 3.6 million users, in comparison to about 2.5 million cancellations in each of the previous five quarters. According to Antenna, the survey was conducted from a group of 5 million Americans who provided their streaming subscriptions anonymously.

It can be said that Netflix entered 2022 roughly and is now trailing behind, however, the overall situation of the streaming market is very well, and it is gaining a lot of new subscribers. As per the data presented by Antenna, there might be a relation between an increase in the price and the loss of subscribers on Netflix.

Brendan Brady, the head of media and entertainment at Antenna, stated ‘Every month, the consumers pay money for a subscription, and till now they are more suitable participants on the ballot.’ In addition, he mentioned that, as several entertainment firms have removed their shows from Netflix, Netflix had to come up with its original content, which also is not always a hit. These firms include NBC Universal and Disney.

As per the data, the new subscribers on Netflix, in the initial month of this year, mostly preferred Paramount+, Disney plus, and Peacock, because Peacock and Paramount networks are considered cheap services.

Despite the fact that Antenna did not include Apple TV+ in its survey, the streaming service by Apple is also very affordable. Although Apple offers fewer categories, it has some top-quality content.

H/T: TI.

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