Netflix confirmed in a shareholder letter late last week that its move to no longer allow users to share passwords for free could begin by the end of March.
"While our terms of use limit use of Netflix to a household, we recognize this is a change for members who share their account more broadly. So we've worked hard to build additional new features that improve the Netflix experience, including the ability for members to review which devices are using their account and to transfer a profile to a new account," the company said.
In the letter, it detailed that account sharing, which it said is done in more than 100 million households,"undermines" its ability to invest and improve. The company, which described 2022 as a"tough" year, suffered its first subscriber loss in more than a decade when its customerDespite those losses early last year, Netflix shared it ended on a"brighter finish," praising its fourth-quarter revenue, operating profit, and membership growth as it exceeded forecasts with content likeThe company noted in the letter, however, that the planned crackdown on account sharing will likely lead"near term engagement, as measured by...
In efforts to increase growth, the company also launched a lower-priced ad-supported plan in November, stating that the move has driven"incremental membership growth." "We believe we have a clear path to reaccelerate our revenue growth: continuing to improve all aspects of Netflix, launching paid sharing and building our ads offering," Netflix said.
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