Netflix reported on Tuesday losing subscribers for the second quarter in a row as the streaming giant battles intense competition and demand.
The loss of 970,000 paying customers in the most recent quarter, however, was less than expected, leaving the company with just 221 million subscribers.
“Our challenge and opportunity are to accelerate our revenue and membership growth… and to better monetize our big audience,” the firm said in its earnings report.
After years of accumulating subscribers, Netflix lost 200,000 customers worldwide in the first quarter compared to the end of 2021.
Netflix executives have also made it clear the company will get tougher on sharing logins and passwords, which allow many people not to pay to access the platform’s content.
“It’s great that our members love Netflix movies and TV shows so much they want to share them more broadly,” director of product innovation Chengyi Long said Monday in a blog post.
“But today’s widespread account sharing between households undermines
our long-term ability to invest in and improve our service.”