Living Crisis or Missing Content? Why Netflix Is Bound to Lose $272 Million With 18 Million US Subscribers?

Living Crisis or Missing Content? Why Netflix Is Bound to Lose $272 Million With 18 Million US Subscribers?

OTT Mugal, streaming giant, and so on; many names mean one thing: Netflix has long held onto The Crown in the OTT world. It puts out multiple exciting new stories each month and has a diversity of content like no other platform. This variety and quality come at a cost. With the increasing shift towards online streaming ever since the pandemic, other platforms have caught up in the race. This resulted in Netflix losing 1.2 million subscribers just in the first two quarters of 2022. The saga continues as we move towards the end of the year.

Why is everyone canceling their Netflix subscription?

Inflation is hitting everyone hard and Netflix is likely to face the direct repercussions of the hike in the price of living. Especially since the platform has decided to increase its subscription during this crucial time. In a survey conducted by Review.org, it was revealed that one out of every fourth American Netflix subscriber is planning to leave this year. And if the stats are correct, then on top of the 1.2 billion in the first half of the year, Netflix will also lose 18 million more. This will leave a void of $272 million for the company.

The OTT platform is changing the price for its basic plan, which is its cheapest, from $1 a month to $6.99 a month. The standard plan and the premium plan will now be $2 and $15.99, respectively. This was not a good decision, given that people are already struggling with paying their bills. Watching Stranger Things on Netflix while your life is embroiled in chaos is a good joke to make on social media, but nobody is doing it in real life. Some are leaving due to the recent hike in the price of subscription plans and others due to inflation.

Few subscribers have reasoned the constantly disappearing content on the site as a reason. The streamer is infamous for removing iconic series and movies such as the Vampire Diaries. While watching new content is exciting, we find ourselves watching old stories in order to find comfort.

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The streaming service has cited the increased competition, password sharing, and Russia Ukraine war as the reasons for the loss. It has been at the top of its game for decades. While there is no denying that the impact Netflix has had in the OTT world is revolutionary, it is also true that the price hike might just push it way behind.

Are you also planning to drop Netflix? Let us know in the comments below.

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