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Netflix is responding to shared account enforcement, and you won’t believe how much it loses
Netflix has tightened enforcement on everything related to shared accounts, in an attempt to salvage billions of dollars in “losses” caused by sharing accounts.
The company has now announced that it will "facilitate" the move.
Other analysts have estimated how much Netflix is losing out on, and these are huge sums
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Netflix
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Reed Hastings
Walla!
TECH
Wednesday, 21 April, 2021, 11:40 Updated: 12:52
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Netflix CEO Reid Hastings (Mikey Levy)
Netflix has tightened enforcement on everything related to shared accounts, in an attempt to salvage billions of dollars in “losses” caused by sharing accounts. The company has now announced that it will "facilitate" the move. "It must feel that it makes sense to consumers, and that they understand it," co-CEO Reed Hastings said during the first-quarter earnings meeting for 2021. "The tests unveiled earlier this year were also intended to ease users' perception of the issue," Hastings added. Netflix's announcement comes against the background of non-compliance with the expectations of joining the service, with its share expected to fall today (Wednesday) by a sharp rate, when immediately after the publication of the reports, the share fell by 8 percent after trading hours.
Netflix missed its subscriber growth forecasts, reporting 208 million subscriptions at the end of the quarter. Wall Street analysts and investors wondered how much Netflix could put in if it restricted password sharing. Recently a Citibank analyst, Jason Bezint, estimated that the company loses $ 6 billion annually for not restricting password sharing.
Greg Peters, Netflix's VP of Positions and Product Manager, said the company has been "reviewing password sharing for some time," describing enforcement as "a way to continually improve service." In the past year, Netflix has been updating packages and prices around the world, where appropriate. Dedicated packages for specific markets like India.
"Password sharing with some customers may be a sign of loyalty and affection," Peters tried to explain the phenomenon of password sharing.
"It's more than the thought that customers might think they are 'working' on a system. It's basically how they think of sharing the service with a family member or someone they love, in gratitude," he concluded.
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Loses $ 6 billion from password sharing (Photo: ShutterStock)
Last March Netflix began enforcing shared accounts, showing some users around the world "" If you do not live with the owner of the account, you will need your own account to continue watching. "A Netflix spokesman responded to the BBC commenting:" The experiment is designed to ensure that people are allowed Use the Netflix account, they will. "This indicates that this is a new attempt by Netflix to locate people who share their account with other people, or use a" shared account ", which is prohibited by Netflix's rules.
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