Netflix Loses 970K Subscribers in Q2, But Stranger Things Softens the Blow

Netflix reported its second-quarter earnings for 2022 on Tuesday, revealing it lost a total of 970,000 subscribers from April 1 to June 30. The service now boasts 220.6 million subscribers worldwide.

Though the figure is Netflix's largest subscriber loss to date, the streamer had previously projected a loss of 2 million subscribers for the second quarter, meaning that it beat its estimate by more than 1 million.

The premiere of Stranger Things 4 helped soften the blow for Netflix. Only the first seven episodes were released in Q2 — Volume 2 was released July 1, the first day of Q3 — but they helped spur signups and reduced cancellations as users waited for the final two episodes.

Stranger Things 4 broke the service's record for the biggest premiere weekend and became the most-watched English-language Netflix show globally, racking up an astonishing 1.3 billion hours viewed in its first four weeks.

Still, losing close to 1 million subscribers is the latest sign of Netflix's downward spiral, which began earlier this year when the once-dominant streamer reported a loss 200,000 subscribers. Last week, Netflix failed to compete with HBO at the Emmy nominations, earning just 105 nods to HBO's 140, and was shut out of the Outstanding Comedy Series category for the first time since 2013.

The company seems to be pinning its hopes for the future on its plan offer a lower-cost subscription tier with advertising. Netflix announced earlier this month that it is in the "very early days" of partnering with Microsoft to offer an ad-supported subscription plan.

Kirstie Renae is a writer, blogger, and Austin-based actress with a penchant for binge-watching TV with her dogs. Follow her on Twitter @KirstieRenae.