Netflix is losing long-term subscribers, data suggests

Netflix (Representative image)

A survey shows that Netflix is losing subscribers who were with the streaming service for three years or more. Data shows that long-term members accounted for 13 percent of total membership cancellations.

The survey, which was viewed by The Information, was conducted by analytics firm Antenna which gathered data from five million people in the US who shared their membership data with the company anonymously.

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Nearly 3.6 million users unsubscribed from Netflix last quarter, compared to 2.5 million cancellations in the previous five quarters. The survey also shows that new users accounted for a smaller share of total cancellations.

In 2021, users who were with the platform for less than one year accounted for 70 percent of total cancellations, while long-term users made up just six percent.

Last month, Netflix reported that it lost more subscribers compared to new arrivals in the first three months of 2022. The shares fell 35 percent and the firm lost nearly $50 billion in market capitalisation.

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The streaming giant said that the loss of subscribers was due to increased competition in the streaming market, with many services offering content at a cheaper rate. It also blamed the Russia-Ukraine conflict, citing it as a reason for losing Russian subscribers.