For the first time in more than a decade, the number of subscribers to video streaming company Netflix has dropped. The company said on Tuesday it had lost 200,000 members in the first three months of January to March this year. This information has been known from the BBC report.
Russia launched an attack on Ukraine on February 24. In response, one country after another began to impose sanctions on Moscow. Many companies announced the closure of their operations in the country. Netflix also shut down operations in Russia in response to the Russian attack on Ukraine.
At the same time, the company raises prices in key markets, including the United States and the United Kingdom. Netflix says it has lost seven million subscribers due to the shutdown in Russia. And after the price hike in the United States and Canada, the number of customers has dropped by another six lakh.
In a letter to shareholders, Netflix fears that the number of subscribers could drop by another 2 million in the next three months, from May to July. In such cases, the authorities have indicated that they will restrict the use of the same account by sharing passwords. Now they will monitor the sign up of new members.
According to Netflix, more than 100 million users are breaking the rules by exchanging passwords. Reed Hastings, co-founder of Netflix, said: Now we will do the job very strictly. ‘
The last time Netflix subscribers saw a decline was in October 2011. Netflix currently has over 220 million subscribers worldwide.