28, February, 2024
HomeWorldNetflix Witnesses Surge in Sign-Ups Amid Crackdown on Password Sharing

Netflix Witnesses Surge in Sign-Ups Amid Crackdown on Password Sharing

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Netflix observed a significant increase in new sign-ups towards the end of the previous year, a consequence of the company’s measures to control password sharing, prompting users to opt for individual accounts.

In the concluding three months of 2023, the streaming giant saw a remarkable addition of over 13.1 million subscriptions, marking the highest quarterly increase since 2020 and continuing the growth trend initiated the previous year.

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Co-chief executive Greg Peters shared insights, stating, “We largely put price increases on hold as we rolled out paid sharing. Now that we’re through that, we’re able to resume our standard approach. The summary statement might be, ‘back to business as usual’.”

Interestingly, many new members opted for the most economical plan, seemingly unconcerned about the potential inclusion of advertisements.

In the 12 countries where Netflix offers ad-supported content, this plan constituted 40% of the newly registered accounts, marking an ironic turn for a company that had resisted incorporating ads for years, citing concerns about negative impacts on the viewer experience and potential business complications.

Faced with an unexpected decline in subscribers and a drop in profits in the first half of 2022, Netflix underwent a reevaluation, exploring new strategies to attract viewers and generate additional revenue. Alongside advertisements and the crackdown on password sharing, the company is venturing into more live events to expand its audience, as reported by BBC.

The media outlet also highlighted Netflix’s $5 billion, 10-year deal to bring WWE Raw, pro-wrestling’s most popular weekly show, to the platform. This move aligns with the broader industry trend of streaming platforms experimenting with new approaches.

Analyst Paolo Pescatore from PP Foresight commented on the results, stating, “Another cracking quarter to finish the year. These latest results reaffirm that Netflix is firmly the king among all streamers.”

Read Also | Netflix Considers Price Hike Following Password Sharing Crackdown

In addition to its subscriber growth, Netflix received 18 Oscar nominations, including “Best Picture” for Maestro starring Bradley Cooper and Carey Mulligan. The platform’s shares experienced a more than 6% jump in after-hours trade.

For the year 2023, Netflix reported revenue exceeding $33.7 billion, reflecting a growth of more than 6% over 2022.

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