Netflix sees loss of subscribers for first time in more than decade

Netflix said the number of its subscribers has declined for the first time in more than a decade citing war driven inflation and fierce competition as the main reasons.

The streaming company lost 200,000 subscribers in the first three months of 2022, Netflix said on Tuesday.

The company hiked prices in markets such as the US and the UK, and suspended operations in Russia.

Netflix is expected to see more losses in the upcoming period after signaling it will curb account sharing to get new members.

Account sharing has become a big issue for Netflix with the company predicting more than 100 million households are sharing passwords.