Netflix is the biggest streaming service in the world, but the numbers do not look good for the platform. A new streaming market report has found that Netflix is the most canceled service among all of them. Considering that Netflix did add 7 million subscribers in the fourth quarter of 2022, this is a bit concerning, as this is not a good sign for the company. The struggling economy already means that many people cannot afford streaming services because they have difficulty making ends meet. Because streaming services are going up in price across the board, it is inevitable that, at some point, people will stop using them altogether. It is not uncommon for people to cancel their streaming services, but Netflix, which came out on top of the rest, stood out among the other services in a recent TiVo report. A new report from TiVo (via The Streamable) shows the top eight streaming services that have been canceled based on Q4 2022 drop-off numbers, and Netflix is leading the pack.
Netflix accounted for 27.3% of all cancellations in Q4 2022, which is quite significant as none of the other companies reached even 10% of the cancellations. On the other hand, Hulu took second place with 9.1% of all cancellations. This may have been a direct result of the recent price hike several months ago. Then, there is Amazon Prime Video (8.4%), followed by Apple TV+ (8.1%), Paramount+ (5.9%), Disney+ (5.8%), HBO Max (4.7%), and Discovery+ (3.8%). Despite being the most popular streaming service since its establishment, Netflix has been struggling in recent months due to various factors. The number of people leaving the service has been increasing in the past year for multiple reasons, and it seems there’s nothing that the service can do to stop the trend. Moreover, Netflix has, instead of improving the user experience for its platform, implemented a strong crackdown on password-sharing. In addition, if the user wants to add another account, they must pay more each month.
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In addition, Netflix has restricted people from using the same password if they live in a different house than the account owner. This comes after the company raised the price for the service last year. So, to most people, it seems that Netflix is looking to squeeze every dime out of its users. This is certainly one of the main reasons it’s the most-canceled streaming platform. After raising the price of its streaming service last year, many people feel that Netflix is trying to squeeze every cent out of its users. As a result, Netflix has become the most-canceled streaming service. It is assuredly one of the main reasons some users have difficulty remaining subscribed to the service. However, the company believes that halting password sharing will significantly increase revenues and is determined to launch them by the end of this quarter. Although there may be intense backlash from Netflix users, judging by the number of people who canceled their Netflix accounts in Q4, the backlash could be severe.
