As the firm loses a million subscribers, Netflix’s problems persist.

Netflix, a major streaming service, is still having problems. Even though Netflix currently has 220.7 million users and is by far the most popular streaming service (Amazon’s Prime Video is a distant second with 175 million customers), it lost about a million subscribers between April and July, according to the BBC. However, it seems that Netflix had anticipated a far worse decline, which Season 4 of “Stranger Things,” which made its premiere in two volumes this year, may have prevented. The largest subscriber loss in corporate history anyway.

When asked what mitigated the harm, Reed Hastings responded to the British broadcaster, ‘If there was a single item, we may say ‘Stranger Things’.’ But eventually, even the Duffers Brothers horror show will come to an end. The company cannot rely on one product to retain subscribers.

For a while now, Netflix has been in financial trouble. Approximately 200,000 subscribers cancelled their subscriptions, according to a report from back in April. This was the first time in more than a decade that the company lost people instead of adding them. Actually, the executives had projected a subscription increase of 2.5 million.

Due to the company’s share price’s rapid decline, hundreds of employees have been let go.

Netflix’s problems truly started when established studios like Disney and Warner Bros chose to join the streaming revolution with platforms like Disney+ and Warner Bros, which started to take viewers away from Netflix. Unlike Netflix, these services come bundled with several decades of legacy content, including millions of hours of well-loved, and rewatch-friendly TV shows like Lizzie McGuire (in the case of Disney +) and ‘Friends’ (in case of HBO Max).

Netflix has struggled to sell and promote its shows and movies in an increasingly competitive industry since it only has new content to fall back on.

Plans have been made public by the firm to stop subscribers from jumping ship. These include announcing more affordable, ad-supported plans and prohibiting Netflix account sharing. The effectiveness of these techniques is still up in the air.