November 27, 2021
Netflix Loses 430000 North American Subscribers in Q2 2021

Yes, Netflix Lost Nearly Half a Million Subscribers in Q2 2021 — Here’s Wy

Netflix disclosed in its recent Q2 2021 earnings report that it lost 430,000 subscribers in North America due to COVID-19 and competition…

Netflix remains at the top of the streaming market, with the largest share in the industry. It’s done so well, the company has entered its own movie and show production, offering smash hits such as Birdbox and Ozark. Netflix has even announced its foray into gaming in late May. Moreover, it’s become the go-to platform for extremely popular series and films, with Seinfeld slated to arrive some time around September. But, not everything so going as well as one would suppose.

Netflix Loses 430,000 North American Subscribers in Q2 2021

Netflix posted $7.3 billion in revenue for the second quarter of the year. The streaming service’s subscriber base grew by 1.5 million between the first quarter of 2021 and the second quarter. This brings its overall subscriber base with 209 million, which is larger than any other streaming platform. However, it missed its Q1 goal of adding 6 million new customers by two million, about 33% less than the company estimated.

Though Netflix did manage to add four million more, 430,000 subscribers left in the last quarter in its strongest market — North America. The nearly half a million lost were customers in Canada and the United States. CFO Spencer Neumann blames the losses on the shutdowns and subsequent economic slowdown, “It really boils down to Covid, frankly. For us, at a minimum it creates some short term choppiness in the business trends.”

This, combined with cheaper alternatives, competitors like Disney+ have managed to cause Netflix to lose customers. There’s also free entertainment alternatives, such as TikTok, YouTube, Roku, and Peacock. 

Owen E. Richason IV

Covers social media, apps, search and like news. History buff, movie and theme park lover. Blessed dad and husband. Owen is also a musician and is the founder of Groove Modes.          

View all posts by Owen E. Richason IV →