Russia is also not (and cannot be) the reason Netflix themselves project a 2.7m subscriber loss for the next quarter.

Not having a large part of the world's populating confined to their couches probably plays a large part of this. People are doing other things with their discretionary money; eating out, drinking out, traveling, buying new clothes that they haven't had to for 2+ years.

The issue isn't necessarily that they lost users this time, even though that's what all the headlines are about. They projected continued losses of subscribers, even after the one time event with russia is through.

Russia's why it was a net loss, but not why they missed their projection so badly.