Netflix executives, Sober Crew, said the password-sharing campaign on the army of 100 million viewers who use the service for free is key and is being tested, but could take about a year to implement, and it’s not clear what it will look like.
“We just have to get a little bit of money for it,” founder and CEO Rode Hastings said Tuesday in a Q&A video after the company released a dossier on first-quarter earnings.
Streaming Device has been working on password-sharing solutions for about two years, but with the company growing quickly, it didn’t matter. It’s doing exactly that right now, with aftermarket trading down 25% today due to weak subscribers and revenue growth.
“I know it’s frustrating for investors [but] We are really ready. This is our time to shine. This is the time to get back to the good graces of investors.
One hundred million Netflix viewers, including 30 million in the US and Canada, use someone else’s passwords to log in – a whopping number of a total subscriber base of 220 million.
The Exes said Netflix started some light test launches over a year ago and just completed its first major test (he didn’t say where). The solution will take time and will likely take “a year of iteration and implementation” around the world, including in the United States, said Greg Peters, director of operations. Suggest that the idea is not to erase the password sharing, but to make people pay to do so. In the process, the company will focus more on revenue and “subscriber billing” rather than the individual subscriber numbers that drove the stock down today.
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It will also continue to focus on creating trending content and on what would have been the trending news of the day, creating a new sponsored tier.
Co-CEO and Creative Director Ted Sarandos said the company has faced slowdowns before. “They just don’t feel right at the moment,” he said, “but man feels good that we’re getting out the other side of him, and we know we’re getting out the other side.”
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