The very loud sighs residents of Hollywood and Silicon Valley might have heard this afternoon likely came from Netflix execs: The company reported that it had lost 970,000 global subscribers during the second quarter of 2022 — a bad number for Netflix by historical standards but a much better result than it had forecast just a few months ago.
In April, the streamer stunned the industry by saying it expected to lose around 2 million subscribers between April and July, which would have easily been the worst quarter ever for the company since it got into the business of delivering entertainment directly to consumers. But thanks, no doubt, to a strong showing for Stranger Things, the expected nightmare scenario didn’t materialize. While this one result doesn’t erase the many serious challenges still facing Netflix, it might allow it a little more breathing room as it seeks to course-correct.
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