There was a lot of controversy when Netflix started its password-sharing shutdown. It took big steps to avoid people sharing passwords cross-country and most of the Internet pointed to dropping their involvement with the streaming service. Most expected a massive loss in subscriber numbers but once again the Internet remains a smaller space than one might think.
Netflix has reported that since their mail on password sharing was released on May 23rd, they saw around 100K daily new subscribers on May 26th and May 27th. Their current growth is even higher than what they saw during COVID, which is when people had nothing to do and were stuck at home most of the day.
Antenna shared the following graph with The Wrap on how the sign-ups have developed since pre-pandemic times.
Of course, cancelations have increased as well but they did not keep up with the sign-ups. It seems the rate has gone up by 25.6% in the previous 60 days. They are continuing to push the narrative that a Netflix subscription share is meant for a “household” and it#s surprising that there wasn’t a bigger drop overall.
It’ll be interesting to see if this continues to keep up long-term subscriber growth going or if this is just a blip for now. Either way, Netflix is very happy with its decision and most of the PR discussions will be forgotten over time. Of course, the question is if their content will remain more consistent with fewer cancelations moving forward to keep people watching.
