Netflix is experiencing a huge downside as it lost 200,000 lakh subscribers in the first quarter of the year. The official sources said that the geopolitical tensions created by the ongoing war in Ukraine led to the suspension of services in Russia, fierce competition, rising inflation, and several Covid-related disruptions have contributed to the loss of around 2,00,000 in this calendar year. The suspension of Netflix services in Russia resulted in a loss of 7,00,000 subscribers in one go. Sharing passwords was among the reasons for this huge loss. Netflix’s stock tumbled a huge 26 percent on Tuesday led to erasing more than $40 billion.
This is the first time that Netflix is experiencing this in more than a decade and the company has further predicted losses ahead as well. It is the opposite of the earlier forecast by the streaming platform that it would add around 2.5 million subscribers during the period.