Netflix forecast to lose 7,00,000 UK customers in two years

Netflix is expected to continue witness fall in subscriber count, with some reports suggesting that it may lose as much as 7,00,000 users in the UK in two years. Out of these, about 5,00,000 UK subscribers may have been lost in the financial year 2022 and the streaming giant may lose another 200,000 in 2023.
The upcoming subscriber loss has been attributed to cut back on spending by budget-conscious consumers. At the same time, the company’s ad-supported service is yet to win over customers.

Netflix’s First global subscriber decline
Netflix recently laid off some staff after it reported a subscriber loss for the first time in a decade last year. As per UK-based research firm Ampere Analysis, Netflix will see its user base in Great Britain shrink from 14.2 million to 13.7 million.
Interestingly, Netflix, which is the most popular service in the UK, is predicted to be the only streaming service to lose subscribers in 2022. The company reached 8,00,000 subscribers in 2021.
Its competitor Disney+, is the only major service that is predicted to maintain its significant momentum. Analysts claim that the service, which launched in the UK in early 2020, will report market-leading subscriber growth of 1.4 million. It is said to expand its UK base to 6 million this year.

Netflix global revenue
Globally, Netflix returned to growth in the third quarter after losing subscribers in two successive quarters before it. The streaming giant beat Wall Street estimates and added 2.4 million subscribers in the September quarter. THe increase in subscriber count was attributed to successful series, including Dahmer and Stranger Things 4.
Netflix in Asia-Pacific
Netflix’s global subscriber base now stands at 223.1 million and its strongest growth during the third quarter came from the Asia-Pacific region, including India, where Netflix added 1.43 million subscribers.