Netflix customers have been up in arms since the streaming giant announced last spring that it would start cracking down on password sharing (via extra fees) in "early 2023."
In a letter to shareholders last year, the company wrote: "We've landed on a thoughtful approach to monetizing account sharing, and we'll begin rolling this out more broadly starting in early 2023."
Now, Netflix is sharing what these price increases will look like.
Related: All the Details of the Netflix Password-Sharing Update Nobody Wanted
On Tuesday, the company shared a blog post with updated information on account sharing, stating that starting today (Wednesday), members who share their password with people outside of their household will now have to pay $7.99 a month for those additional accounts.
"A Netflix account is for use by one household," the post said. "Everyone living in that household can use Netflix wherever they are — at home, on the go, on holiday — and take advantage of new features like Transfer Profile and Manage Access and Devices."
Naturally, consumers are less than pleased.
Earlier this year, Netflix warned of new password sharing guidelines ahead of this week's purge, stating that "people who do not live in your household will need to use their own account to watch Netflix."
Related: 'Milking Us For Every Dollar Spent': Netflix to Charge for Password Sharing Starting Early 2023
The company announced its Q1 2023 earnings last month and waited to roll out the password-sharing crackdown until Q2 after noticing subscriber growth was negatively affected in markets where Netflix was already testing the concept (outside of the U.S.).
The company brought in $8.16 billion in Q1 revenue.
Netflix was up over 1.5% in a 24-hour period upon the announcement of the news.
Before you consider Netflix, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Netflix wasn't on the list.
While Netflix currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of ten stocks that are set to soar in Spring 2025, despite the threat of tariffs and other economic uncertainty. These ten stocks are incredibly resilient and are likely to thrive in any economic environment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.