The company reported a loss of 970,000 subscribers during the three month period. The company predicted a net loss of two million subscribers in the last quarter. The largest quarterly loss in the company's history was recorded in the third quarter.
In the third quarter, the company expects to add one million subscribers.
To prepare for the challenges it expects to face, the company has changed its business strategy for the past couple of months. Around 450 employees were laid off as the company announced a cheaper ad-supported subscription plan with a new partnership with Microsoft.
The ad-supported tier will be launched in the early part of 2023. The paid sharing offering will be officially rolled out next year.
A feature that will charge an extra $3 to share accounts with other households is currently being tested.
Netflix partners with Microsoft for its ad-supported plan
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If you've been following our coverage, you know that it's been a bad year for the company. The company reported in April that it had lost 200 million subscribers in the first quarter of 2022.
The company's stock was on a decline. Less than a year has passed since the market valuation was $300 billion. The company reported that it lost less subscribers than expected.
Even though it featured more programming, the streamer received fewer Emmy nominations than the other two. The downfall of quality entertainment for the streaming giant was emphasized by the 140 nominations picked up by the cable network.
The fourth season of the show was a big hit with subscribers as the company claimed it was the most watched English-language show in history.
There is a belief that a more robust slate of content will speed up growth. The new season of The Crown and The Gray Man will be available soon on the platform. A new reality game show will feature the biggest cash prize and largest cast in reality TV history.
The mobile game Into the Breach was released byNetflix. The new title is great for pocket gaming that likes strategy games.
The Queen's Gambit, Shadow and Bone and Too Hot to Handle are some of the popular TV shows that will be included in 50 games by the end of the year.
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