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Netflix subscriber growth skyrockets amid strike, password sharing crackdown

FILE - The Netflix logo is shown in this photo from the company's website on Feb. 2, 2023, in New York. (AP Photo/Richard Drew, File)
FILE – The Netflix logo is shown in this photo from the company’s website on Feb. 2, 2023, in New York. (AP Photo/Richard Drew, File)

Netflix announced it added about six million new subscribers to its platform in the past financial quarter Wednesday on an earnings call, according to CNN. 

This addition comes amid strikes by both the Writer’s Guild of America (WGA) and Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA), as well as the streaming giant’s crackdown on password sharing. The company implemented the sunset on password sharing outside the home in late May, sending account holders with people watching outside the household emails regarding the policy.

“A Netflix account is for use by one household,” the emails read. The streaming platform told account holders if they wanted to let someone outside the household have access, they would have to pay an extra $7.99 per month, per person. 

“Most of our revenue growth this year is from growth in volume from new paid memberships and that’s largely driven by our paid sharing rollout,” Netflix Chief Financial Officer Spencer Neumann said on the call, according to CNN. 

Netflix also announced changes to its U.S. pricing plans Wednesday, stating it will no longer allow “new or rejoining members” to access its “Basic,” $9.99 advertisement-free plan, effective immediately. The lowest-cost ad-free option for Netflix is now $15.49, with an extra $7.99 for each member outside the household.

Tags netflix Netflix password sharing Spencer Neumann streaming service platform

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