Streaming service Netflix has lost subscribers in the US for the first time

The famous streaming service, Netflix has lost approximately 130,000 subscribers in the US. This is the first time this has happened since 2011.  In the fiscal Q2, Netflix gained 2.7 million global subscribers, while it expected around 5 million additional users. The reason would be the hike in prices

“Our missed forecast was across all regions, but slightly more so in regions with price increases,” Hastings said. “We don’t believe the competition was a factor since there wasn’t a material change in the competitive landscape during Q2, and competitive intensity and our penetration is varied across regions.”

“Much of our domestic, and eventually global, Disney catalog, as well as Friends, The Office, and some other licensed content will wind down over the coming years, freeing up budget for more original content,” Hastings said. “From what we’ve seen in the past when we drop strong catalog content (Starz and Epix with Sony, Disney, and Paramount films, or second run series from Fox, for example) our members shift over to enjoying our other great content.”

Netflix is still the frontrunner in streaming service but competition is tough.