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After a long reign as the most used platform for movies and series Netflix is facing an uphill battle to maintain the position.
Netflix lost almost 1 million subscribers between April and July as the number of people leaving the service accelerated. But this figure was not as much as the streaming giant had feared.
Asked what could have stopped the further decline in subscriptions, the firm’s chief executive, Reed Hastings, said: “If I had to name only one thing, it would be the series “Stranger things”.
The new season of the hit drama has been a phenomenal success and may have helped stem the exodus of Netflix customers.
The company reported its first loss of subscribers since 2011 in April, news that was followed by hundreds of job cuts and a sharp drop in its share price.
The subscriber losses reported on Tuesday were the largest in the firm’s history, with the US and Canada posting the highest number of cancellations in the quarter, followed by Europe.
It’s a stark shift for Netflix, which enjoyed years of seemingly unstoppable growth as it revolutionized the way people around the world were entertained.
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