After a protracted reign as the king of streaming, Netflix is up against competition.
Between April and July, the streaming juggernaut lost roughly 1 million members as a growing number of users stopped using the service.
But despite the company’s fears, the number was lower than expected because to the premiere of the upcoming season of the popular drama Stranger Things.
Netflix stated that it anticipated a resumption of sign-up growth this year.
In April, the business announced its first decline in subscribers since 2011. This news was immediately followed by hundreds of job cuts.
While price increases have had a negative impact, rivals are challenging its hegemony.
The company posted its largest losses ever on Tuesday, with the US and Canada having the most cancellations in the quarter, followed by Europe.
It was “inevitable,” according to Guy Bisson, executive director of Ampere Analysis, that Netflix’s hold on the market would begin to wane.
