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*Netflix Wants Millions Of Households Sharing Passwords To Start Paying*

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Netflix, the world’s largest streaming video company, warned a global crackdown on password sharing is coming amid reports that over 100 million global households use a shared password, with more than 30 million of those in the U.S. and Canada.

Although it is not the first time for such a warning to be issued, it seems like a serious warning this time, and it could mean an end to the rampant practice of borrowing login information.

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In its quarterly shareholder letter, Netflix acknowledged it has purposefully allowed generous out-of-home password sharing because it helped get users hooked on the service.

But with competition from Disney, Warner Bros. Discovery, Paramount Global, NBCUniversal, Apple TV+ and other streamers eating into its growth, Netflix said it wants the millions of households sharing passwords to start paying. Said Netflix in a letter:

> Our relatively high household penetration — when including the large number of households sharing accounts — combined with competition, is creating revenue growth headwinds. Account sharing as a percentage of our paying membership hasn’t changed much over the years, but, coupled with the first factor, means it’s harder to grow membership in many markets — an issue that was obscured by our COVID growth.

Netflix reported a loss of 200 000 paid subscribers in the first quarter ended March 31 — the first time in more than 10 years Netflix has lost subscribers during a quarter. The company projected it will lose 2 million more subscribers in the second quarter.

The streaming platform currently has 222 million subscribers worldwide. It enjoyed booming growth during the pandemic, but that customer surge has subsided — and now turned negative — as COVID-19 quarantines have largely lifted.

More: CNBC

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