Digital giant Netflix has lost 2 lakh subscribers in the first quarter of 2022 and the top OTT platform never suffered such a huge setback in the last decade. Netflix predicts that it would lose many more subscribers this year. The stock of Netflix lost by 26 percent bringing a 40 billion USD loss to the stock market. The suspension of the services of Netflix in Russia resulted in losing 7 lakh subscribers. Netflix has 221.6 million subscribers by the end of the first quarter of the year.

Netflix has been facing tough competition from Amazon Prime, Disney Plus Hostar, Apple and others. Though Netflix lost subscribers, the revenue was higher when compared to last year. The revision of the plans, the impact of coronavirus and tough OTT competitors made Netflix lose subscribers. There are large number of people who have been sharing their Netflix accounts with the non-paying households. Netflix announced restrictions to prevent sharing accounts in countries like Costa Rica, Peru and Chile. Netflix is keen to implement the same in other countries.