Netflix lost almost one million subscribers between April and July, as the number of people quitting the service accelerated.
According to a BBC report, that was not as many as the streaming giant had feared.
Asked what may have stopped subscriptions sliding further, the firm’s chief executive, Reed Hastings, said: “If there was a single thing, we might say ‘Stranger Things.'”
The new season of the hit drama has been a phenomenal success, and may have helped stem the exodus of Netflix customers.
The company reported its first subscriber loss since 2011 in April, news that was followed by hundreds of job cuts and a sharp drop in its share price.
After enjoying a long reign as the king of streaming, rivals are challenging its dominance, while price hikes have taken a toll, Netflix faces a tough fight to keep its crown.
Also, the report says the company also faces fierce competition from the likes of Apple TV, HBO Max, Amazon Prime and Disney+. Netflix, it adds, was once the disruptor, making video rental stores like Blockbuster redundant, but the disruptor is fast becoming the disrupted.
Netflix’s move to make its service more expensive has also put off some customers.