Netflix is expected to suffer a second year of falling subscriber numbers

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Netflix is expected to suffer a second year of falling subscriber numbers in the UK in 2023 as the cost of living crisis takes its toll and the streaming giant’s new cheaper, ad-supported service takes time to win over users.

In June, Netflix announced that it had laid off 300 employees — 4% of its workforce — in a second round of job cuts.

The streaming giant announced the layoffs after losing subscribers for the first time in over a decade. The company responded by reining in its $17 billion (?14 billion) annual content budget.

Its competitor Disney+, is the only major service that is predicted to maintain its significant momentum. Analysts claim that the service, which launched in the UK in early 2020, will report market-leading subscriber growth of 1.4 million. It is said to expand its UK base to 6 million this year.

Globally, Netflix bounced back to growth in the third quarter, adding a better-than-expected 2.4 million subscribers, thanks to series including Dahmer and Stranger Things 4. It ended 2022 with the highly anticipated release of Glass Onion: A Knives Out Mystery on 23 December.

However the dire state of the UK economy – with inflation running at a four-decade high of almost 11% and an outlook significantly worse than most major world markets – means the subscriber recovery will take significantly longer.

Netflix’s rival Amazon Prime Video gained 12 million to 12.3 million accounts in 2022 with the launch of the world’s most expensive TV show, Lord of the Rings spin-off The Rings of Power, which cost an eye-watering $465 million(?336 million).

As of this year, Netflix is set to disallow its users from sharing their passwords with family and friends to stem the tide of disappearing subscribers.

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