Streaming giant Netflix has announced that it will share its paid passwords “more broadly” “later” in the first quarter (Q1) of this year. This would allow the streaming giant to streamline its revenue by forcing users to pay for additional accounts outside of a household.
It added, “Since we’re introducing paid sharing, members in many countries will also have the option of paying extra to share Netflix with people they don’t live with.”
After launching paid password sharing, the streaming giant hopes to “cancele the response in each market” but ultimately result in “improved overall revenue.”
The company also announced that Reed Hastings has stepped down as co-CEO of Netflix and will now serve as executive chairman, and that Greg Peters has stepped down from COO to become co-CEO with Ted Sarandos. .
Meanwhile, last month, it was reported that Netflix is planning to phase out its password sharing feature by early 2023.
The company had long known that password sharing was a problem that negatively affected its earnings, but the streaming giant avoided addressing the issue in 2020 due to subscription growth. Faced with declining revenue last year and the platform’s first customer loss in 10 years, Hastings decided it was time to act on the issue.
In October last year, the streaming giant had announced a ‘Profile Transfer’ feature to prevent password sharing, which was rolled out to all members globally.
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