Business Desk: All is not well for Netflix Inc. The popular video streaming brand has lost over 200,000 subscribers in the first quarter of the year.
This is the first occasion when the OTT brand has lost customers in this magnitude since 2011.
Additionally, its shares in the market have plunged by an unprecedented 40 per cent during this year.
This was revealed in a statement by its co-CEO Reed Hastings on Tuesday.
Further, it has also been informed that the brand does not foresee a very quick recovery from the present situation, as it is likely to lose additional 2 million users in the coming days.
This is regarded as the worst period for the company, even though it still continues to be the leader in the global video streaming market, ahead of its competitors like Amazon Prime, Apple and Disney.
In anticipation of the same Netflix had revised its subscription rates recently in order to retain its existing customers and attract new ones. However, this has not made much impact in bringing itself back on track.
Users of the platform have blamed Netflix for its lack of innovation and newness in content quality.
Some fans even say that there is nothing much to watch in Netflix these days for which they are switching to other platforms or unsubscribing the same.
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