Netflix loses subscribers for first time in more than 10 years

Image source, LIAM DANIEL/NETFLIX

For the first time in more than a decade, the number of subscribers of the streaming service has fallen.

The company lost 200,000 members in the first three months of the year.

The firm raised prices in the US and UK while pulling out of Russia.

As it pushes to sign up new members, it will start to crack down on account-sharing as it warns of more losses.

In the three months to July, it said it would lose two million subscribers.

The company said in a letter to shareholders that its revenue growth has slowed as it released its quarterly results.

Our relatively high household penetration combined with competition is creating revenue growth challenges.

The Covid boost to streaming obscured the picture until recently.

The last time the company lost members was in October 2011. It had a surge of sign-ups during the Pandemic and now has more than 220 million subscribers.

The company's shares plummeted in after-hours trading in New York.