The closure of its service in Russia caused it to lose 700 thousand subscribers. Still, Netflix increased its revenue by 10%.
Netflix announced that it lost subscribers in the first quarter of 2022 in a letter to its shareholders published on April 19.
The streaming platform managed to increase its revenue by 10% in the first quarter of 2022, although it lost 200 thousand paying users, totaling 222 million worldwide.
Netflix explains that this is thanks to an increase in paid memberships by 8% compared to the same period last year.
Netflix with less subscribers
In total, Netflix has lost 200,000 paying subscribers, a fact that has been influenced by the closure of its services in Russia due to the invasion of Ukraine. According to the letter, Netflix lost 700 thousand paying users in Russia.
A chart on different regions shows how Netflix lost 640 thousand users in UCAN (United States and Canada), 300 thousand in EMEA (Europe, Middle East and Africa) and 350 thousand in LATAM (Latin America).
The only region where its paid subscribers increased was in APAC (Asia Pacific) with 1.09 million new users.
For the second quarter of 2022, Netflix estimates that it will lose 2 million paying users.
the netflix plan
Netflix assumes the trend will remain, with slower-than-normal user acquisition.
Likewise, it expects to grow its revenues by 10% in the next quarter (compared to the same period in 2021).
Netflix hopes to continue monetizing shared accounts (something that was tested in some markets such as Peru).