Netflix gains nearly 6 million subscribers after taking action against password sharing
Netflix's revenue, profit & subscribers soar, beating expectations. The streaming giant gets 5.8M new subscribers after "paid sharing" crackdown in the US.
In its latest quarterly report, Netflix has showcased remarkable growth, surpassing analysts' expectations by reporting higher revenue, profit, and a surge in the number of paying subscribers. The streaming giant's strategic move to tackle "paid sharing," which is the official term for its crackdown on account sharing, has yielded significant results, particularly in the United States, where it attracted 5.8 million new paying subscribers.
Netflix gains nearly 6 million subscribers after taking action against password sharing
Encouraged by this success, Netflix has announced its intention to address the account sharing issue in "almost all" of its remaining countries, further solidifying its position as a dominant player in the global streaming market.
The 15-page report revealed that the cancellation response was low among users who lost access to their friends' accounts due to the crackdown on account sharing. In the US, Netflix made changes by discontinuing the Basic plan, which was the cheapest ad-free option priced at $9.99 in the US, £9.99 in the UK, and €9.99 in the EU.
Instead, new and returning users now have the option to choose from the $6.99 Standard plan with ads, the $15.49 Standard plan without ads, or the $19.99 Premium plan. Existing users on the Basic plan can retain it for now, but they will lose the option to keep it once they switch to another plan.
Netflix clarified that it is not currently relying on ads for revenue, but it is actively developing its ads business. The company is collaborating with Nielsen and EDO to enhance measurement and create an appealing ad service for advertisers interested in investing in this new solution.
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