Netflix warned it’d lose extra subscribers within the second quarter of this yr than it did within the first, and that prediction has come true — although it wasn’t as unhealthy as feared. The streaming service said it lost practically 1 million subscribers (970,000 to be actual) in Q2. That’s excess of the 200,000-member decline from Q1, however not as bleak as the two million Netflix was ready to half with.

The firm attributed the marginally rosier consequence to “better-than-expected” subscriber progress, notably in areas like Asia-Pacific. The firm nonetheless turned a $1.44 billion web revenue regardless of the shrinking buyer base and unfavorable international change values for the US greenback. Unfriendly change charges are a very tough drawback when practically 60 p.c of income comes from outdoors the nation, Netflix mentioned.

The media big is anticipating a turnaround for the third quarter, if a sluggish one. It’s now predicting that it’s going to add a web 1 million subscribers. While that is a far cry from the 4.4 million Netflix added a yr earlier, it is a determined enchancment over the previous six months. The robust begin for Stranger Things 4 might assist — the nostalgic present is now Netflix’s most watched season of English TV up to now with over 1.3 billion hours of viewing.

Netflix’s restoration plan will sound acquainted. The firm continues to be pinning its hopes on a lower-priced ad-supported tier due in early 2023, and expects to launch it in a “handful of markets” the place there’s already robust advert spending. The service additionally plans to combat account sharing, and is experimenting with concepts that embody charging for extra properties. The completed sharing system might additionally roll out in 2023.