Netflix is set end to password sharing among multiple users as from the first quarter of 2023. The move will require subscribers to pay extra charges for additional members to use one account.
This comes as part of the steps the streaming giant plans to take in raising its revenue which has fallen drastically in the past few months.
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In recent months, the company has been subjected to low numbers of subscribers and plummeted stocks, and its reaction to the loss is to put a stop to the sharing of Netflix accounts password among multiple users.
To effect the new rule, the company would give the primary account holder a code that other users will have to input on their device before having access to the account. The code will change every month to make it difficult for sub-accounts to continue using the Netflix account of the main user.
The company has kicked off tests in Latin American countries. It includes a feature that identifies sub-accounts and encourages them to pay $3 for an extra add-on to allow sharing.
In October 2022, the company stock fell to 60 per cent as a result of rising inflation, loss of subscribers as well as other new competition from other streaming platforms.