Netflix lost 970,000 subscribers during the three-month period ending June 30, as compared to the weak outlook it had a few quarters ago when it predicted a net loss of two million subscribers. These are the results for today, which beat the projection but it is still the largest quarterly loss in the history of the company.

According to the company, it has 220.67 million subscribers and will add one million in the third quarter.

Netflix has been recalibrating its business model for a couple of months to prepare for the eventual hurdles it expects to face. The company laid off around 450 employees, announced a cheaper ad-supported subscription plan with a new partnership with Microsoft, and put its foot down on password sharing.

Today, in the company's letter to shareholders, Netflix said it will roll out the ad-supported tier early in 2023. In addition, the paid sharing feature will become official during next year.

Yesterday, Netflix announced its test of an "add a home" option to charge $3 per month extra for sharing accounts with other households.

If you've been following our streaming coverage, then you know that Netflix is having a horrible year. Last April, the company reported that it had lost 200,000 subscribers during the first quarter of 2022 — its first significant loss in over a decade.

This year, Netflix's stock fell by about 70%. Market valuation has dropped from $300 billion to below $90 billion in less than a year. After the company told it lost fewer subscribers than it expected, Netflix shares shot up 8 percent.

But beyond the inefficiencies, this month the streamer had fewer Emmy nominations than HBO and HBO Max, despite offering more programming. HBO secured 140 nominations to Netflix's 105, which highlights a huge drop in quality entertainment for the giant of streaming.

Season four was a smash hit with subscribers as the company boasted it was the most streamed English-language show in its history with 1.3 billion hours viewed.

Netflix is banking on a fuller slate of content to drive the next leg of growth. The new season of The Crown and the big-budget action movie, The Gray Man, starring Ryan Gosling and Chris Evans and with an enormous budget of $200 million, will hit the streamer soon. It also announced a new Squid Game reality game show that will offer the biggest cash prize and largest cast in reality TV history.

On the gaming front, Netflix launched the mobile game Into the Breach today. The new title is a good addition to pocket gamers who love strategy games filled with enemies, battles, and more.

The streaming service already has over 22 games so far and will reach 50 titles by the end of 2022 which includes others tied to Netflix's hit TV shows The Queen's Gambit, Shadow and Bone and Too Hot to Handle.