Netflix customers users to pay extra fees for sharing their login ID and password with effect from 2023

Gadgets : Popular OTT streaming platform Netflix is ​​all set to charge users for sharing passwords. According to Netflix, the streaming giant has suffered a huge loss in terms of revenue and has seen a major drop in its subscription count. Netflix said that sharing passwords is one of the reasons for its slow growth. Now the streaming service announced during a quarterly earnings call on Tuesday that it will charge users who share their login IDs and passwords an additional fee from 2023.

Citing how to crack down on account sharing, Netflix said in its earnings report, "Ultimately, we've landed on a thoughtful approach to monetizing account sharing and we're going to start rolling it out more widely in early 2023." Will do. After hearing consumer feedback, we are going to offer 5. Except in China and Russia, where we don't operate. 6 Ability for borrowers to transfer their Netflix profile to their account, and share For users to more easily manage their devices and create sub-accounts ("Extra Members") if they want to pay for family or friends. With our low cost ad-supported plans in countries with We expect the profile transfer option to be particularly popular for borrowers."

While the OTT platform has not disclosed how much users will be charged for sharing their passwords, it is reportedly expected that the price will be somewhere between $3 and $4. Interestingly, Netflix users who don't want to pay any extra charges can make use of the streaming platform's new migration tool that will help them migrate their profiles.

Netflix was going through some turmoil due to loss in revenue. Speaking of revenue and competition strategy, OTT noted in its quarterly report, "As it becomes clear that streaming entertainment is the future, our competitors - including media companies and tech players - continue to grow their new services. are investing billions of dollars for

According to Netflix, "But building a large and profitable streaming business is tough — our best guess is that all of these competitors are losing money on streaming, with total annual direct operating losses this year alone, which is comparable to ours." $10 billion. For existing entertainment companies, this high level of investment is understandable given the rapid decline of linear TV, which currently generates the bulk of their profits."