NETLIX, one of the biggest streaming platforms, has reportedly lost almost one million subscribers in the second quarter.
This comes after the company announced that it is testing new ways to cut down password-sharing on its platform. It said that users who share their passwords with people outside their homes would be charged extra fees. and it has also started testing a feature called Netflix Homes in other countries and might be rolled worldwide soon.
According to MoneyWeb, the streaming platform lost a lot of subscribers from the US and Canada, as well as subscribers from the Middle East and Africa.
This loss might be the result of the growth of rivals like Apple TV, Disney+, HBO Max, and Amazon Prime. In May, Disney+ was launched in South Africa.
The giant streaming platform also increased its prices in the past few months.
Despite the company losing so many subscribers, it says it has hope that it will gain subscribers. To attract more users the company is working on adding an ad-supported and much cheaper tier. It has also recently announced a partnership with Microsoft to push this new plan through. Microsoft will be the streaming service’s global technology advertising and sales partner.
The company currently has more than 200 million globally.