Netflix will create a cheap version of its service

Due to a drop in paid subscriptions, Netflix is intending to introduce a cheaper version of its streaming service with advertising inserts.

According to Bloomberg, Netflix CEO Reed Hastings revealed this in a chat with investors. Netflix’s proposed new method of giving access to its products was not discussed further by the agency. It did emphasize, though, that this “would be a significant shift for the organization.” According to a quarterly report released on Tuesday, Netflix lost 200,000 paid customers in early 2022, despite a positive outlook of 2.5 million paid subscribers.

“The suspension of our service in Russia and the curtailment of all Russian paid programs affected the net increase in paid services in the amount of minus 700 thousand, not taking into account this impact, the net increase in paid services amounted to 500 thousand,” the document said. Such a significant loss in the customer base is due to a decrease in the number of users who purchase a paid subscription to services. It is noted that this is recorded in all regions. These reports caused Netflix shares to fall 25.7% in trading.

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