Netflix has seen a jump in subscriptions following the U.S. crackdown on password sharing.
- The streaming giant has been testing a new feature that asks users to verify their account with a code sent via text or email.
- The feature is aimed at preventing password sharing, which costs Netflix millions of dollars in potential revenue each year.
- The crackdown on password sharing is part of Netflix’s efforts to boost revenue amid increasing competition in the streaming market.
- Netflix added 4 million subscribers in the first quarter of 2023, bringing its total to 219 million worldwide.
- The company is also investing heavily in original content, with plans to release more than 70 movies this year.
- Despite the subscription growth, Netflix’s stock price has been under pressure due to concerns about rising costs and competition from new players in the streaming market.