Netflix seems to be losing its sheen in the US and fast.
The streaming pioneer saw a significant drop in its paid subscriber base in the US on July 18. It shrunk by 130,000 and its shares dropped 12%, bringing down its market value by $17 billion.
According to the streaming giant, a Spring price hike is what led to the fall in subscribers.
But Netflix doesn't seem to be doing as well as it had expected to in other streaming regions as well.
India, which poses as one of the company's largest pools to increase its subscription base, has been getting a great deal of attention from the streaming service. Netflix has been experimenting with lower cost mobile-only subscription plans since March 2019 to help the masses in India avail its service. On July 17, it announced plans for cheaper subscription plans in the country soon.
