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Global streaming giant Netflix Inc on Tuesday reported losing subscribers for the first time in more than a decade and predicted more contraction in the second quarter, a rare miss for a company that has been are liable growth engine for investors.

Netflix lost 200 000 subscribers in its first quarter, falling well short of its forecast of adding 2.5 million subscribers.

Netflix, which currently has 221.6 million subscribers, last reported a loss in customers in October 2011. In addition to the paying households, Netflix is being watched by an additional 100 million households that it said were sharing accounts, including 30 million in the United States and Canada.The world’s dominant streaming service was expected to report slowing growth, amid intense competition from established rivals like Amazon.com, traditional media companies such as the Walt Disney and the newly formed Warner Bros Discovery and cash-flush newcomers like Apple Inc.

Netflix noted that despite the intensifying competition, its share of TV viewing in the United States has held steady according to Nielsen, a mark of subscriber satisfaction and retention.As growth slows in mature markets like the United States, Netflix is increasingly focused on other parts of the world and investing in local language content.

 

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It will soon surpass DStv though

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