According to a poll conducted by the research firm Magid in late 2019 projected that Netflix loses more than $135 million per month as a result of just under 10% of its members revealing their passwords.

That may not seem like a large number, but it adds up to roughly 13.7 million people. If Netflix could persuade those customers to pay, it would add the equivalent of six months’ worth of subscriber growth and enhance its operating margins by receiving additional income for a service it is presently paying to give for free.

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Password users are, as you might expect, younger customers (the ones Netflix is trying to court), especially as the streaming conflicts heat up. According to the Magid survey, millennials are the worst offenders, accounting for 35% of the total, compared to 19% for Generation X and 13% for Baby Boomers.

This makes financial sense because it’s likely that consumers will help out friends who may have a lower household income by purchasing a recurrent Netflix subscription.