Netflix Expected to Keep Losing U.K. Subscribers in 2023 as Record Inflation Hammers Consumers

A woman at home in London watching the Duke and Duchess of Sussex's controversial document
Yui Mok/PA Images via Getty Images
David Ng

Only two days into the new year, Netflix is already facing bad news on the subscriber front.

Netflix is forecast to lose around 200,000 U.K. subscribers in 2023 as nearly 11 percent inflation continues to hammer British consumers and the streamer’s new ad-supported tier takes time to generate interest, according to a report in The Guardian, which cited financial analysts.

“Given the wider economic pressures the UK is facing I’m not expecting Netflix to go back to growth in 2023,” Richard Broughton, director at Ampere Analysis, said.

Netflix, which still has a production deal with Barack and Michelle Obama, is expected to have lost 500,000 British subscribers in 2022, bringing its U.K. user base from 14.2 million to 13.7 million, according to Ampere Analysis. In 2021, the company gained 800,000 subscribers, its lowest since launching in the U.K. in 2012.

The left-wing streamer is struggling to hold onto subscribers globally as consumers tire of the company’s woke pandering and the streaming market’s seemingly endless glut of competitors.

Last year, Netflix experienced an unprecedented two consecutive quarters of net subscriber losses worldwide, prompting company executives to institute a period of painful belt tightening that included several hundred layoffs. Still, the streamer reportedly found a way to pay a staggering $100 million for the new docuseries from Prince Harry and Meghan Markle.

Netflix isn’t the only streamer expected to lose subscribers in 2023. Amazon Prime Video is forecast to contract by about 100,000.

Last year, Netflix launched its ad-supported tier in an effort to tap into a new revenue stream as its traditional subscription model faltered.

But as Breitbart News reported, consumer adoption has been slow so far, accounting for just nine percent of new signups during its first month, according to a recent study from the analytics firm Antenna. As a result, Netflix has found itself in the embarrassing position of giving money back to advertisers after failing to meet viewership targets.

Netflix just closed out its worst year in more than a decade as its stock declined more than 50 percent for 2022.

Follow David Ng on Twitter @HeyItsDavidNg. Have a tip? Contact me at dng@breitbart.com

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