As the streaming service unexpectedly saw a sharp drop in subscribers, Netflix will be cracking down on password sharing. They will also be creating a low-cost subscription that will be supported by advertising. The changes were announced late Tuesday and are designed to help the company regain momentum lost over the past year.
Pandemic-driven lockdowns led to increased binge-watching and since they have lifted , rivals such as Apple and Walt Disney have been chipping away at the vast audience. During the January-March quarter, Netflix’s customer base fell by 200,000 subscribers. This was the first contraction the company has seen since it became available to mostar of the world.
Netflix shares plunged by more than 25 % in extended trading after the company revealed their performance. The company estimates that about 100 million households worldwide are using its service for free by using other accounts. Out of the total, 30 million of those people are in the U.S. and Canada.
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