Oh boy. Netflix seems to have turned a blind eye to subscribers sharing passwords with friends and family for years. However, after losing 200,000 subscribers in the first quarter of 2022, they have announced a crackdown.
CNBC reports:
Netflix said it estimates more than 30 million U.S. and Canadian households are using a shared password to access its content. The company said more than 100 million additional households were likely using a shared password worldwide.
In its quarterly shareholder letter, Netflix acknowledged it has purposefully allowed generous out-of-home password sharing because it helped get users hooked on the service. But with competition from Disney, Warner Bros. Discovery, Paramount Global, NBCUniversal, Apple TV+ and other streamers eating into its growth, Netflix said it wants the millions of households sharing passwords to start paying.
MORE - Netflix posted disastrous subscriber data yesterday. They lost 200,000 subscribers in Q1 and are projected to lose another 2 million in Q2.
— Disclose.tv (@disclosetv) April 20, 2022
“Our relatively high household penetration — when including the large number of households sharing accounts — combined with competition, is creating revenue growth headwinds,” said Netflix in its letter. “Account sharing as a percentage of our paying membership hasn’t changed much over the years, but, coupled with the first factor, means it’s harder to grow membership in many markets — an issue that was obscured by our COVID growth.”
Netflix reported a loss of 200,000 paid subscribers in the first quarter ended March 31 — the first time in more than 10 years Netflix has lost subscribers during a quarter. The company projected it will lose 2 million more subscribers in the second quarter.
“Sharing likely helped fuel our growth by getting more people using and enjoying Netflix,” the company said. “And we’ve always tried to make sharing within a member’s household easy, with features like profiles and multiple streams.”
Perhaps if Netflix spent less time trying to be woke, then they would be less likely to go broke.
Netflix is projected to LOSE 2 million subscribers & CNN+ can't even reach 200,000.
The correlation between companies going woke & then broke is a new law of physics at this point.
— Lauren Boebert (@laurenboebert) April 20, 2022
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