Recently, we had learned that Netflix was trying a crackdown on users sharing passwords and was working towards getting rid of that exploit on their platform. They also introduced an ad-supported tier in order to get more users to purchase its subscriptions. Now, the company is working towards a new feature to combat this hindrance to their platform.
Netflix to roll out password sharing ‘more broadly’
The information comes from Netflix’s Q4 2022 Earnings Report (via Verge), where the company stated that its Q4â22 revenue, operating profit and membership growth has exceeded its expectations and maintains its position as the industry leader in streaming engagement, revenue, and profit.
For the main topic, the company has stated that it expects to release paid password sharing âmore broadlyâ from Q1 23. According to Netflix, this change will yield âvery different quarterly net adds paid patterns in 2023â. On top of that, the company also expects cancel reaction from Latin America as soon as it rolls out this feature.
Furthermore, Netflix spoke about how password sharing is observed in over 100 million households, which stunts its ability to invest and improve the company. So, the streaming giant has worked towards expanding the reach from one household to broader areas. Members will now be able to review which devices have their account logged in, and they will also be able to transfer a profile to a new account.
Through paid sharing, member across countries will be able to pay extra for sharing their Netflix account with people that do not live with them. Moreover, all members will be able to use the platform while travelling, through any of the devices they use.
Netflix co-CEO steps down from his position
In other news, Reed Hastings will be stepping down as co-CEO and will now act as an Executive Chairman for the company. Greg Peters will be stepping up from his COO position to co-CEO along with Ted Sarandos.
Reed Hastings, in a post on Twitter, expressed confidence in the new leadership, citing a successful 15-year working relationship. They have âtwice the heartâ and âdouble the abilityâ to keep members please as well as ensure growth. He concluded, stating he is proud to be executive chairman for many years to come.
Ted & Greg are now co-CEOs. After 15 years together we have a great shorthand & Iâm so confident in their leadership. Twice the heart, double the ability to please members & accelerate growth. Proud to serve as Executive Chairman for many years to come https://t.co/oYc0laqMXQ
â Reed Hastings (@reedhastings) January 19, 2023