A few months back, Netflix made a decision to crack down on password sharing in order to gain more subscribers. The good news for the streaming giant is that their decision is being cracked down on Share Netflix password reaps the benefits. According to the video streaming giant, it added 5.9 million paying accounts in the quarter ended June 30. Netflix’s global subscriber base to just over 238 million members.
Netflix Password Sharing Crackdown is in full swing
The latest news undoubtedly confirms data from a research firm that was shared last month. This clearly showed that the step against account sharing had a positive effect on the number of Netflix subscribers. The boost was bigger than expected as it follows a period of sluggish growth after the pandemic. The point worth noting is that the growing strain on household budgets and increasing competition in the streaming industry have added to the pressure, but Netflix’s strategic move is to take a more rigid stance in cases where people share their passwords with others away from home. No doubt it seems like a smart move as many people have borrowed passwords and moved to setting up their own accounts.
Reports claim that Netflix’s second-quarter revenue was $8.19 billion, a 3% year-over-year increase from $7.97 billion. In addition, their net income is also $1.49 billion, up from $1.44 billion a year earlier. Netflix claims it started charging a password sharing fee in more than 100 countries in May. As a result, the streaming platform is now seeing a:
“healthy conversion of borrower households to full-paying Netflix memberships.”