Netflix is ​​'fully satisfied' with progress in cracking down on password sharing, growing subscriber base and revenue

News from this site on December 5. At today’s UBS Global Media and Communications Conference, Netflix co-CEO Ted Sarandos said that Netflix is ​​“dismayed by the progress of the password sharing crackdown that began in the United States earlier this year.” Completely satisfied".

This site noticed that Netflix began to crack down on password sharing in several Latin American countries in 2022, requiring those who want to share passwords with other than their immediate family members Users who share a subscription pay an additional fee. In February 2023, the operation expanded to Canada, New Zealand, and some European countries, and then to the United States, United Kingdom, and other countries in May 2023. The phased approach will give Netflix time to gauge user reaction, Sarandos said at today's event: "It's good to take your time, which is why we're not doing it all in one fell swoop." Netflix already allows password sharing The change comes as Netflix saw fewer subscribers in the first quarter of 2022 for the first time in 10 years and revenue dropped significantly. To boost revenue, Netflix decided to crack down on password sharing, increase subscription prices, and launch ad-supported plans.

According to Netflix, an estimated 222 million paying households share accounts with another 100 million non-paying households.

Following the password-sharing crackdown, Netflix said

it has seen strong subscriber growth

in countries that restrict password sharing. In the second quarter of 2023, Netflix added 6 million new subscribers, including more than 1 million in the United States and Canada. Revenue increased in every region where paid sharing was launched, with the number of new subscribers eventually exceeding the number of unsubscribers. In the third quarter of 2023, Netflix added 8.8 million new subscribers, up sharply from the 2.4 million new subscribers in the third quarter of 2022, and increased revenue by $64 million. Now Netflix subscribers can only share accounts with people in the same household, with Netflix restricting access based on IP and other location data. "Netflix accounts are shared between people living in the same household, and people who are not in your household need to use their own account to watch Netflix," the Netflix website reads.

Netflix made the change in October, In addition to eliminating password sharing, it also increased subscription prices in the United States. The basic ad-free plan is now $11.99 per month, an increase of $2, while the premium plan is $22.99 per month, an increase of $3. However, Netflix has not changed the prices of its $6.99 ad plan and $15.49 per month standard plan

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