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Netflix gains new subscribers but revenues disappoint

Fluctuating results for Netflix, which closed the fourth quarter with over 230 million new subscribers. A number much higher than expected, with a growth of about 7.66 million of subscriptions. The data, after the collapse that had characterized the first quarter of 2022, should bode well.

Despite this, there is disappointment regarding revenues, which have been slightly lower than expected. Market analysts had expected earnings for at least 7.86 billion, while total revenues were 7.85 billion.

Ansa reports that Reed Hastings, the co-founder of the streaming giant and co-CEO, has resigned. In its place Ted Sarandosformer co-CEO, e Greg Peters. However, Reed Hastings will remain with the company as executive chairman.

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Netflix will raise prices for subscribers who share accounts

Netflix sharing password

Meanwhile, in a letter to investors Netflix has announced that it will block the practice of sharing accounts by the end of the first quarter. According to a recent Wall Street Journal report, worldwide, more than 100 million Netflix viewers use accounts borrowed from paying members. If we consider that there are currently about 223 million Netflix subscribers, we deduce that about a third of those who watch Netflix do it for free.

Instead of suspending or blocking shared accounts, Netflix aims to impose price hikes. These will be enforced for anyone who shares their passwords with users outside their home. An increase in subscriptions that has actually already begun in Latin America, where Netflix is ​​imposing a $3 surcharge for payers sharing accounts.

Netflix has never openly allowed password sharing, which it has always prohibited in its guidelines. The platform, however, has always tolerated this practice in recent years, at least until today. In fact, 2022 saw a significant drop in subscribers. Which is why Netflix has decided to stop sharing accounts.

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Walker Ronnie is a tech writer who keeps you informed on the latest developments in the world of technology. With a keen interest in all things tech-related, Walker shares insights and updates on new gadgets, innovative advancements, and digital trends. Stay connected with Walker to stay ahead in the ever-evolving world of technology.