Long-Term Netflix Consumers are Increasingly Terminating Their Subscriptions

According to a statement to shareholders sent out last month, Netflix lost 200,000 consumers last quarter. And could lose another two million this quarter. According to new research, the number of long-term Netflix members who have canceled their subscriptions has increased dramatically in recent years.

Netflix is Losing Consumers

According to data provided by sources, persons who had been subscribers for more than three years accounted for barely 5% of overall cancellations at the start of 2022, but it rose to 13% in the first quarter.

Meanwhile, new subscribers accounted for only 60% of cancellations in the quarter, down from 64% in the previous quarter. Overall cancellations increased to 3.6 million people in the first quarter, up from around 2.5 million in each of the previous five quarters. Sources claim to get its information from a panel of 5 million Americans who secretly share their streaming subscriptions.

While Netflix is losing subscribers, the overall streaming market is growing, and source’s research suggests a link between the price rise and Netflix’s subscriber losses.

“Customers vote with their wallets every month,” Brendan Brady, source’s media and entertainment lead said.

New Alternatives

According to the data, Paramount+, Peacock, and Disney+ were the most popular alternatives among new customers in the first four months of 2022. One of the reasons is that Paramount+ and Peacock are two of the most cost-effective services available.

Although Apple TV+ was not mentioned in the analysis, it is one of the most cost-effective streaming services. While the library is tiny, the content is of excellent quality. Sources reported last week that the firm is promoting some of its performances in The Grove store in Los Angeles. You can read more about them here.

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