Netflix has revealed it lost 970,000 subscribers in the second quarter of 2022, less than the company originally estimated.
The streaming service announced its second-quarter 2022 earnings on Tuesday (July 19), which spans the three-month period between April 1 and June 30.
Earlier this year, following a surprise decline of 200,000 subscribers in the first quarter, Netflix projected a loss of two million streaming subscribers for the second quarter. As such, this figure is much lower than the company originally anticipated.
In a letter to shareholders (via Variety), Netflix revealed it has 220.67million subscribers globally and is expecting to report gains in the third quarter, projecting a boost of one million subscribers from July 1 to September 30.
This comes after Netflix announced it was cracking down on password sharing. Since the first quarter, the company has introduced a new tier for those sharing passwords between households in some countries.
Netflix has also partnered with Microsoft to create a cheaper subscription supported by advertising, which is expected to launch in “the early part of 2023”.
In recent months, Netflix released the fourth season of Stranger Things in two volumes. The first seven episodes were released on May 27, while the final two episodes followed on July 1 – spreading it out over Q2 and Q3 respectively.
In a four-star review of Stranger Things, NME wrote: “While there are some gripes to be had with the penultimate season of the show, it still packs in all the terrifying thrills you’d expect, deftly blending horror and sci-fi to maximum effect while still allowing for some laughs among the bleakness.
“It’s a finely-tuned formula that’s given us yet another sublime season and, hopefully, one more to come.”