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Netflix Adds 6 Million New Users After Password Crackdown
In its latest quarterly report, the streaming service reported dramatic growth after preventing users sharing account details.
Streaming giant Netflix has reported substantial growth after a crackdown on users sharing their account details with people outside their households. The company added nearly 6 million new subscribers during the second quarter of 2023, representing a growth of 8%.
In a letter to shareholders, Netflix explained that its drive to stop password sharing hadn’t resulted in mass cancellations and that tightened restrictions were working. “The cancel reaction was low, and while we’re still in the early stages of monetization, we’re seeing healthy conversion of borrower households into full paying Netflix memberships as well as the uptake of our extra member feature,” the letter read.
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In addition to restricting account sharing, Netflix has begun offering “paid sharing”, allowing subscribers to add an “extra member” to their account for $8 a month — an option now available in over 100 countries.
Netflix has also confirmed that its $10 basic plan will be canceled in the United States and United Kingdom. At the same time, restricted password sharing will continue to roll out in countries such as India, Indonesia, Kenya, and Croatia.