Netflix loses subscribers for first time in more than 10 years

The number of Netflix subscribers has fallen for the first time in more than a decade.

The streaming company lost 200,000 members in the first three months of the year, the company said on Tuesday.

The declines came after the firm raised prices in key markets including the US and UK, while pulling out of Russia.

But Netflix warned that more losses are coming, and it hinted it will start to crack down on account sharing as it pushes to sign up new members.

It estimates more than 100 million households are breaking its rules by sharing passwords.

Boss Reed Hastings said: “When we were growing fast, it wasn’t a high priority to work on [acount sharing]. And now we’re working super hard on it.”

Lucas Shaw, who writes the Screentime newsletter for Bloomberg news, told the BBC that password sharing had been an issue for Netflix “for a long time”.

“It feels like the company is trying to identify an area of potential growth,” he told the Today programme.

“They’ve tried to curb password sharing in the past and had a very hard time.”