Netflix has Lost Nearly a Million Subscribers

Netflix faces a difficult battle to retain its crown after a long reign as the king of streaming. Between April and July, it lost nearly 1 million subscribers as the number of people leaving the service increased. However, it was not as many as the streaming giant had anticipated.

When asked what might have prevented subscriptions from falling further, the company's CEO, Reed Hastings, said, "If there was a single thing, we might say 'Stranger Things.'" The new season of the hit drama has been a huge success, and it may have slowed the exodus of Netflix subscribers.

In April, the company reported its first subscriber loss since 2011, prompting hundreds of job cuts and a sharp drop in its stock price. The subscriber losses reported on Tuesday were the highest in the company's history, with the United States and Canada having the most cancellations in the quarter, followed by Europe.

Guy Bisson, executive director at Ampere Analysis, predicted that Netflix's market dominance would begin to wane. "When you're the leader, there's only one direction to go, especially when a large amount of competition launches, which is what Netflix has seen in the last couple of years," he said.