Headlines
Netflix Loses Subscribers for First Time in More Than 10 Years

By Derrick Bangura
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.
In a letter to shareholders, Netflix said a surge in sign-ups it saw during the pandemic had “obscured the picture”.
It warned investors it expected another two million subscribers to leave in the three months to July.
“Our revenue growth has slowed considerably as our results and forecast below show,” the company said as it released its quarterly results.
“Our relatively high household penetration – when including the large number of households sharing accounts – combined with competition, is creating revenue growth headwinds.”
The last time the company lost members in a quarter was October 2011. It still boasts more than 220 million subscribers globally.
Russian hit
Pulling out of Russia, a step Netflix took following the war in Ukraine, cost it 700,000 subscribers, it said.
Another 600,000 people stopped its service in the US and Canada after the price increase, Netflix said.
Netflix said that move was playing out “in line with expectations” and would yield more money for the firm, despite the cancellations.
The firm’s revenue in the first three months of the year was up 9.8% compared with the same period last year to more than $7.8bn (£6bn).
That marked a slowdown from earlier quarters, while profits fell more than 6% to roughly $1.6bn.
Losses in the quarter were partially offset by sign-ups elsewhere such as Japan and India.
As it looks to grow, the firm said it is focused on international markets and finding ways to tap the 100 million people it estimates are sharing household accounts, including more than 30 million in the US and Canada.
The company is looking to advertising and getting revenues from customers who share accounts with family or friends..
“Those who have followed Netflix know that I’ve been against the complexity of advertising, and a big fan of the simplicity of subscription,” said chief executive Reed Hastings. “But, as much as I’m a fan of that, I’m a bigger fan of consumer choice.”
Mr Hastings said “it’s pretty clear” that ad-supported services are working for Disney and HBO.
But analysts said rising costs are starting to wear on households.
In the UK, households cancelled more than 1.5 million streaming subscriptions in the first three months of the year, with 38% saying they wanted to save money – the highest level ever, according to research from market research firm Kantar.
Netflix is also facing intense competition, as companies from Amazon and Apple to traditional media firms like Disney pour money into their online streaming services.
Paolo Pescatore, an analyst at PP Foresight, said the subscriber loss was a “reality check” for the company, as it tries to balance retaining subscribers with raising its revenue.
“While Netflix and other services were key in lockdown, users are now thinking twice about their purchasing behaviour based upon changing habits,” he said.
North America especially is “now awash with too many services chasing too few dollars”, he added.
Shares in the company plunged more than 20% in after-hours trading in New York following the news, wiping more than $30bn off the company’s market valuation.
Investor concerns also hit shares in other entertainment firms, including Disney.
ANALYSIS
Netflix, like many tech companies, had a bumper pandemic.
People flocked to the streaming company – it seemed like the company could do no wrong.
But several factors have now combined to give Netflix the most difficult operating environment it has faced for over a decade.
Firstly it can’t seem to find a way to stop people from sharing passwords which it has complained about for years.
An increase in competition from rivals like Disney+ and Apple TV has also made the streaming market extremely competitive – at a time when Netflix has increased its subscription price.
The company is blaming its decision to pull out of Russia for its negative global growth – and this is technically true.
But the company is forecasting further losses in subscribers in the next quarter too, so this isn’t just about Russia.
And with the cost of living crisis biting for many, Netflix’s future, which seemed so rosy only a few months ago, now looks unsteady.
Headlines
Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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