Netflix reports losing 970,000 subscribers in second quarter

Streaming giant Netflix says it has lost nearly one million subscribers in the second quarter, much less than the two million the company had previously projected. Michael Pachter, a managing director at Wedbush Securities, joined CBS News' John Dickerson to discuss the company's performance.

#news #netflix #streaming

[JetseTurner]

Netflix had a good run, nothing last forever.

[thebastardgift]

I believe the loss is largely based on the high and growing higher cost of basic goods and services and people are cutting back to the bone.

[Figs]

Eventually all of these streaming services will come together. I’m constantly stopping and starting services based on a show I like. There’s so many services now and that of course adds up. Even more services will start and Netflix will really fall into the background. As consumers we look for what entertains us not for which service we will be loyal to.

[ThirdPlanetAstrology]

They raised the cost too high. ! We can’t afford it.

[kenzie-.-]

Cable networks had the same problem. $200 a month, $250 a month. You're like, 🤷‍♂️ Why? F--- this. 🤣

[Diadeed]

Good. They are a greedy company that won't listen to their consumers (a.k.a cancels shows that are popular).

[mrpearson]

Prices kept soaring thats why I left. Plus I get HBO for free with my phone plan. Drop those greedy prices down and people will return!

[FuzzyStayBuzzin]

I like the fact that when they have a series they put the whole season but honestly once I watch it I usually cancel my subscription

[Dobviews]

I also think they are seeing the effects of viewers starting and stopping their accounts to switch to another based on content. Flip flopping between providers can also affect viewer numbers.

[cdubb]

Because they are so greedy people are leaving. If you pay you should be able to let anyone use your account that you want to use it. If I want my grandma who is on a fixed income to use my account it shouldn’t be a problem. It’s not stealing if I’m paying each month. It shouldn’t matter how I use it.

[scotttimmins]

Well duh... people are cutting back. Netflix is the most expensive streaming service. Disney is next. Then Hulu....Paramount plus....etc.

[theretroaiden]

Netflix should not raise the prices again ... please go back to original price and don't do split family plan ... that is bad very bad

[grammykcalloway]

The answer is easy, 2 price increases in 1 year; thinking of quitting myself.
Secondly, they are a streaming service, not a movie studio. Split off the part making new movies, market them the same way the other studios do and let it stand on its own.
Thirdly, if they EVER put ads on my account, I'm gone. BTW, EVERYBODY complains about ads on YOUTUBE, the difference is YOUTUBE is free.

[shadwChser]

They lost subscribers bc they kept raising the price —point blank. It's ridiculous. It they had actually given the ppl a break and cut $1-2 bc of the pandemic and inflation, they would have gotten more ppl sign up. You'd make less per sub but over all you'd get more revenue and when ppl start working agin they would be more inclined to keep it. But if you raise it while ppl are strapped for cash then, it'd be the first to go since it's considered a luxury item, not necessity.

[CrystalNicoleLSW]

They raise their prices every few months. We just canceled this month.

[peony]

So less than half of what it projected this is nothing for them, they have 220mil subscribers

[ereal]

they are going to lose more sub because of the price increase and the fact that half of "password sharing" is really groups paying half and half. because everyone wants to subscribe but can't afford to pay for every subs service that comes along. so with that when they do hike up prices and not let people share well... it's blockbuster all over again! mark my words. ill just go back to pirating!

[macmcleod]

They were fair awesome until all the content providers took away the rights and set up their own $15 channels.
I saw shows and movies that aren't even available anywhere any more.

And for the rest, I'll have to subscribe a month and then change to a different service each month. And wont be long before some require a multi month sub.

I love Netflix and mourn it.

[SportyOtterPop]

Netflix Corp was NOT clever, when they recently raised the monthly price. That surely helps the viewer decline also

[Ecann]

CBS news needs to find different people to interview. This guy is very ill-informed on YouTube and people accepting advertisements. I'm not 100% sure about 75% of the people watching YouTube constantly have ad blockers in their browsers advertising is a problem.