2023-04-19 03:31:00
The streaming TV platform reported first-quarter profit of $1.3 billion, in line with expectations, but announced it was delaying a large-scale crackdown on password sharing to “improve the subscriber experience”.
And “Netflix” announced that it intends to provide paid options for sharing passwords during the current quarter.
This means postponing the profits of some subscriptions and revenues resulting from the move, according to a statement distributed by the company to its shareholders.
Netflix said it believed the move would “lead to better results for our subscribers and our company”.
And “Netflix” recently introduced new ad-supported subscriptions, and said that the interaction with the move exceeded initial expectations, noting that “very few” subscribers abandoned their subscriptions to switch to this type of subscription.
In addition, “Netflix” announced that it will stop by the end of the year, the DVD rental service via mail, which it launched 25 years ago.
The market study company, Insider Intelligence, expects that Netflix will achieve $770 million this year from revenue from these subscriptions, and it is likely that the figure will exceed $1 billion next year.
Last year, Netflix’s growth slowed, prompting the Silicon Valley company to offer cheaper, ad-supported subscriptions.
Netflix seeks to motivate people who watch its content for free by sharing passwords to pay for this service without affecting its subscribers.
And a study published by the “Insider Intelligence” company expected that American adults in 2023 will spend, for the first time ever, time watching video online, specifically on platforms such as “YouTube”, “Netflix” and “Tik Tok”, longer than they spend watching traditional TV stations. .
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