In a big hit, streaming service Netflix posted a loss of 200,000 subscribers in just the first three months of the year and the OTT expects more trouble as CEO Reed Hastings forecast a further drop of 2 million in the summer months of April-June.
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This marks the first decline in subscribers for Netflix in over a decade and may lead to dramatic changes for the movie streaming platform. Co-CEO Reed Hastings said the company is exploring lower-priced, ad-supported tiers in a bid to bring in new subscribers after years of resisting advertisements on the platform.
Shares of Netflix fell as much as 25% after the streaming leader reported financial results that fell short of forecasts and said it expects a second straight quarter of customer losses.
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