Once the uncrowned king among OTT platforms, Netflix is now facing the toughest patch since its launch, as the online streaming giant lost around one million users globally in the second quarter of 2022, several media outlets reported.
The fall of Netflix is happening at a time when the streaming platform is delivering more quality content than any of its competitors.
Stranger Things saved Netflix
Even though Netflix is receiving such a fall in userbase, its CEO believes that the loss was expected, and he stated that the much-celebrated series Stranger Things saved the firm from a bigger slump.
The fourth season of Stranger Things was a phenomenal success, and several people are still sticking to the OTT platform just because of the mindblowing content offered by the streaming giant.
Last year, Netflix succeeded in impressing the audiences with series like Squid Games.
The company's share has also tumbled 60 percent this year, a clear indication of investors turning away from the firm.
Why audiences are rejecting Netflix?
Netflix entered the industry at a time when there were a little competitors. However, things have changed now, as, in countries like India, there are several competitors including Amazon Prime Video, Disney+Hotstar, Zee5, SonyLiv, Voot, and Sun Nxt.
Netflix is not providing annual packs, while all the other streaming platforms offer flexible annual packs to the customers. An Ultra HD pack of Netflix costs Rs 649 a month, while an HD plan costs Rs 499 a month. It means a Netflix Premium user should pay Rs 7,788 to avail its subscription for one year.
However, all its competitors have less rates compared to Netflix. An annual Amazon Prime Video membership can be obtained at Rs 1,499, while Disney+Hotstar also comes with the same price tag.
SonyLiv and Zee5 come at a much lesser price, and as a result, people are more inclined to these platforms. Moreover, these platforms have more regional content compared to Netflix.