Netflix has updated its FAQ page with details on its plan to stop password sharing among users. When a new device logs into an account not associated with the primary user's household, Netflix will send an email to the primary account holder with a 4-digit verification code that must be entered within 15 minutes before it expires. Netflix uses IP addresses, device IDs, and account activity to determine if the devices belong to the same household. Sharing passwords will not result in automatic charges but the company previously charged up to $3 per month to add sub-accounts for users outside the primary household in certain countries.
Although Netflix's password sharing policy hasn't changed for customers in the U.S, the company has mentioned that they plan to roll-out these features widely by March 31, which is by the end of the first quarter.
During an earnings report, Netflix chief operating officer and chief product officer Gregory Peters has mentioned: "Today’s widespread account sharing (100M+ households) undermines our long term ability to invest in and improve Netflix, as well as build our business". However, this idea seems more like a greedy attempt for more cash grab that would hurt the company and would cost them to loose subscribers.
To make matters even worse, Peters seems to know that this move would not be widely accepted by people, where he is preparing for a blowback and a decrease in stock prices. "I think it’s worth noting that this will not be a universally popular move,” Peters said. “There will be current members that are unhappy with this move. We’ll see a bit of a cancel reaction to that. We think of this as similar to what we see when we raise prices.”
Netflix will offer four different subscription plan, the plan also dictates the number of accounts that are allowed simultaneously to be used in one location.
To prevent Netflix from blocking your device, you need to log in at least once for 31 days on your device at home, that will help recognize the device as "trusted devices". However, chances are most consumers would have an issue and would probably get blocked incorrectly, in that case, the customer would need to contact Netflix customer service to get their accounts unblocked.
To make matters even worse, when you do want to use Netflix when you are travelling, you would need to request a temporary code from Netflix before signing in. Where this code will give them access to their account while they are abroad for seven days.
The internet have gone crazy over a tweet that Netflix posted back in 2017, stating that "Love is sharing a password". Where currently, they are contradicting their statement by cracking down users who do share their account.
What are your thoughts?
How do you think this will affect their stock prices?
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