A few days ago it was revealed that Netflix lost million users in Spain, but a new study shows that the platform may be in an even worse situation as the number could amount to no less than 2.5 million subscribers in the first quarter this year, which is a big blow for the company.
The Barlovento Comunicación report reveals that many users in Spain are unhappy with the new policy of shared passwords -which is now paid-, which has led the platform to have problems maintaining the number of subscribers in our country… because these now they see other streaming platforms much more attractive. Despite being the most popular VOD service in Spain at the moment, the loss of subscribers represents a major setback for Netflix’s interests and will possibly cause it to have to review whether its policy is correct.
The point is, we’re talking about a major setback that clearly signals that the right decisions are not being made by Netflix, as much as it has a new cheap subscription with ads (which, by the way, has had to improve recently due to not has had the -positive- impact that was expected). For now, It does not seem that there is much good news for the company in Spain.
The rest of the players take advantage of Netflix’s weakness
An example of what we are saying is that Amazon Prime Video is gaining ground in Spain, and to continue pressing the market it has taken over the broadcast rights of programs popular as “Operación Triunfo” and “Humor Amarillo”.
Regarding the global market share, it is as follows: Netflix continues to lead with 52.6%; closely followed by Amazon Prime Video with 49.3%; while disney+ has 28%; HBO Max 26.4%; and Movistar Plus++ remains at 18.2%. These figures show the increasingly strong competition in the streaming market in Spain, with Amazon Prime Video as one of the dangers for everyone the participants (important: the consultancy shows that 81.2% of Spaniards have a subscription related to paid content, which represents a total of 30.3 million people).
Despite having total profits of 1,305 million dollars in the first quarter of 2023, the loss of subscribers and increasingly strong competition are affecting Netflix’s position in Spain. In addition, the arrival of new platforms such as SkyShowtime, which has achieved 1.8 million users in its first month in Spain, is adding more pressure to the company.
The platform has to change
netflix will have to take actions to regain the trust of Spanish users and maintain its position in the streaming market. If you don’t, you could face difficulties in the future, since you are allowing other platforms to be seen in a better light by users in Spain and, the truth is, there are reasons for this.