The streaming giant revealed a loss of almost one million subscribers to its platform between April and July.

But this was less than forecast says Netflix, who reported better than expected earnings for the first quarter of 2022.

Total revenue for the period hit $7.97bn, up 8.6 per cent year-on-year.

Netflix and other streaming companies experienced strong growth during the pandemic, when millions were forced to stay indoors. But the company has struggled to keep up this pace, with ever increasing competition.

In a letter to investors, the business said increasing revenues was its main focus.

"Our challenge and opportunity is to accelerate our revenue and membership growth by continuing to improve our product, content and marketing as we've done for the last 25 years, and to better monetize our big audience," the letter said.

CEO Ted Sarandos added: "It's important that Netflix is seen as a tremendous value in tough economic times. We have a lot of great new content coming out."

The earnings report also showed data about its most popular originals, including season four of Stranger Things. The show was its most viewed release to date, attracting 1.3bn hours of viewing in its first 28 days on the platform.