Netflix Hit by Cost of Living Crisis as Number of New Subscribers Falls to Lowest Level in a Decade
Going offline: Netflix’s UK division only increased its user base by 4% in 2022
Last year Netflix saw the smallest number of UK subscribers join in a decade thanks to the cost of living crisis and life returning to normal post-Covid.
The streaming platform’s British division only increased its user base by 4 percent in 2022, despite enjoying annual growth rates of around 20 percent in previous years.
Netflix had seen numbers surge due to Covid lockdowns as Brits were forced to stay at home with series such as Stranger Things and The Crown.
But as households felt the squeeze last year following Russia’s invasion of Ukraine, fewer viewers signed up for Netflix accounts.
Netflix has almost 15 million subscribers in the UK after launching here in 2012.
Revenue rose 12 per cent to £1.54 billion compared to £1.38 billion in 2021.
British customers paid an average of 14 percent more per month last year compared to what they paid in 2021.