Netflix banned password sharing a few months ago to attract new users. Netflix’s crackdown on password sharing is paying off. The streaming behemoth added 5.9 million paying accounts in the quarter ending June 30. Netflix now has 238 million subscribers worldwide.
Netflix’s Password Sharing Crackdown Is Boosting Signups
The latest news confirms last month’s research firm data. It revealed that the account-sharing ban was increasing Netflix subscribers. Since the epidemic slowed growth, the boost was larger than projected. Netflix’s strategy is to crack down on password sharing outside the home, despite rising household expenditures and streaming competition. It seems smart since many people have been borrowing credentials and switching to their own accounts.
Netflix’s second-quarter revenue was $8.19 billion, up 3% from $7.97 billion. Their net income is $1.49 billion, up from $1.44 billion last year. Netflix began charging for password sharing in over 100 countries in May. The streaming platform now has: