Netflix hit by cost of living crisis as number of new subscribers slumps to lowest in a decade

The fewest number of UK subscribers joined Netflix last year in a decade thanks to the cost-of-living crisis and life returning to normal after Covid.

The streaming platform’s UK division only grew its user base by 4 per cent in 2022 – despite enjoying yearly growth rates of around 20 per cent in previous years.

Netflix had seen numbers boosted by the Covid lockdowns when Brits were forced to cosy up at home with series such as Stranger Things and The Crown. 

But as households felt the pinch last year following Russia’s invasion of Ukraine, fewer viewers signed up for Netflix accounts.

Netflix boasts almost 15m subscribers in the UK after launching here in 2012.

Revenues lifted 12 per cent to £1.54billion compared to £1.38billion in 2021.

British customers paid an average of 14 per cent more a month last year when compared to what they paid in 2021.