The subscription-based TV series and movie streaming service, Netflix said it will end password sharing among multiple users from the first quarter of 2023.
This, according to it, meant that subscribers would pay extra charges for additional members to use one account.
It revealed that this move was part of the steps the streaming giant planned to raise its revenue which has fallen drastically in the past few months.
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In recent months, the company has been subjected to low numbers of subscribers and plummeted stocks, and its reaction to the loss is to put a stop to the sharing of Netflix accounts password among multiple users.
To effect the new rule, the company would give the primary account holder a code that other users will have to input on their device before having access to the account. The code will change every month to make it difficult for sub-accounts to continue using the Netflix account of the main user.
The company has kicked off tests in Latin American countries. It includes a feature that identifies sub-accounts and encourages them to pay $3 for an extra add-on to allow sharing.
It was gathered that in October 2022, the company stock fell to 60 per cent due to rising inflation, loss of subscribers, and other new competition from other streaming platforms.
