Netflix loses subscribers amid cost of living pinch

Netflix has lost 200,000 subscribers in the first quarter of the year, sending the company’s shares plummeting.The streaming giant reported a drop in subscribers for the first time in a decade, causing shares to plunge 27% in pre-market trading. Market research firm Kantar claims it’s partly down to the cost of living crisis in the UK, as people try to save money by cutting out subscription services.The Evening Standard's Consumer Business Editor Jonathan Prynn discusses the drop in subscribers, how big a part the cost of living crisis has played in that drop, and what other factors are at play.In this episode:Why has Netflix suffered this loss in subscribers? (0.57)How the cost of living crisis has impacted the streaming service (1.45)How volatile the market is for streaming giants (2.47)Has the Netflix price hike caused people to unsubscribe? (4.07)Will this boost the competition between streaming giants? (5.01)Could streaming services drop their prices to claw back customers? (6.11)Follow us on Twitter for more news @EveningStandard Hosted on Acast. See acast.com/privacy for more information.