The biggest number of Subscribers lost in the history of Netflix

The streaming giant Netflix has lost almost 1 Million subscribers between April and July; the highest number of subscriber losses in its history

Once the king of the streaming platform, Netflix is now battling for the crown as many people are quitting the platform. But according to the company, it is way less than expected. When asked what may have stopped the sliding subscribers, the firm's chief executive said, "Stranger Things." The new season of the hit drama may have helped stem the exodus of Netflix customers as it has been a phenomenal success.

The subscriber loss in recent times is the highest in the history of Netflix. Canada and the US is the home to the highest number of cancellation, followed by Europe. Netflix, which enjoyed seemingly unstoppable growth and revolutionized how people consume entertainment worldwide, encounters a massive change. Its position as an international behemoth was cemented during the pandemic. As soon as the pre-pandemic situation returned, the steaming giant struggled to get new subscribers, especially at the cost of the belt-tightening living crisis.

The company also faces fierce competition from the streaming platforms like HBO Max, Apple TV, Disney+, and Amazon Prime. The expensive service is also one of the main reasons Netflix loses its customers. At the end of June, the company had roughly 220 million subscribers. According to the investors, the company's share price has dropped more than 60% so far this year.