Netflix has reported a loss of 1 million subscribers between April and the end of June this year, the second quarter in a row the streaming giant has seen subscribers drop.
However, this figure is significantly better than the loss of 2 million subscribers projected last quarter. Speaking to investors yesterday evening (19 July), co-CEO Reed Hasting attributed the better than expected result to the success of the Stranger Things series and improvements to Netflix’s marketing strategy.
“We’re improving everything we do around marketing, improving the service [and] the merchandising, and all of that slowly pays off,” he said. “If there was a single thing, we might say Stranger Things.”
Co-CEO Ted Sarandos said new CMO Marian Lee had carried out Netflix’s “best campaign to date” with the marketing for the series. Indeed, in a letter to shareholders the company said the fourth season of Stranger Things “showcased the effectiveness of our marketing strategy in driving conversation around our titles” and building “passion” for the Netflix brand.