The password-sharing announcement comes after Netflix revealed it had lost 200,000 subscribers by early 2022 and expects to lose another 2 million by the summer.

On the heels of a a devastating announcement Tuesday that subscribers are bleeding in 2022, the head of Netflix warned that the company would work to block account sharing, estimating that 100 million households currently use the service without paying for it.

Netflix CEO Reed Hastings said the changes to stop exchanging passwords will begin to take effect next year or so, but This was reported by CNBC a specific plan has not been announced.

Los Gatos, Calif., Estimates that the figure of 100 million includes 30 million households in the United States and Canada.

“It’s more than 100 million families who are already choosing to watch Netflix,” Hastings said. “They love service. We just have to get paid for it to some extent. ”

To stop this practice and encourage more people to pay their own bills, Netflix said it would expand a test introduced last month in Chile, Peru and Costa Rica allowing subscribers for an additional fee to add to their accounts up to two people living outside their family.

Back last month Fr. This was reported by VERIFY spokesman for Netflix that these tests were not conducted in the United States

The news came the same day when Netflix announced it had lost 200,000 subscribers in January-March and expects to lose another two million between April and June. The opening of Netflix shares fell 25% on Tuesday.

If the fall in shares stretches into a regular trading session on Wednesday, Netflix shares will lose more than half of their value this year – destroying about $ 150 billion in shareholder wealth in less than four months.

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