Netflix gets nearly 6 million subscribers after password sharing crackdown

Netflix’s latest quarterly report showcases impressive growth in revenue, profit, and paying subscribers, surpassing analyst expectations.

The streaming giant introduced a crackdown on account sharing, labeled “paid sharing,” in the United States, resulting in the addition of 5.8 million new paying subscribers.

The company plans to address this issue in most of its other markets as well.

Despite concerns over user backlash, the report revealed that the response to the account-sharing crackdown was minimal.

Netflix also made significant changes to its pricing model by eliminating the Basic plan, which was the most affordable ad-free option in the US and was priced at $9.99.

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Instead, new and returning users can now choose from the $6.99 Standard plan with ads, the $15.49 Standard plan without ads, or the $19.99 Premium plan.

In the report, Netflix clarified that it is not currently relying on advertisements for revenue, although it is actively working on developing its ad business.

Collaborating with Nielsen and EDO, the company aims to enhance measurement and innovation for advertisers, making its ad service more appealing to businesses interested in investing in this new solution.

Overall, the report highlights Netflix’s continued success and adaptability in the competitive streaming industry as it explores new strategies to sustain growth and profitability while providing an unmatched entertainment experience for its global audience.

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