IT COULD SOON BE BAD NEWS IF YOU SHARE A NETFLIX PASSWORD WITH YOUR FRIENDS AND FAMILY

It's bad news for those who share a friend or family members Netflix account as the streaming services provider could soon be putting an end to account sharing which it says is costing it millions in lost revenue and subscribers.

The company has reportedly lost over 200,000 subscribers in the first quarter of 2022 and shares have fallen by more than 35%, leaving the California based entertainment behemoth looking at ways to raise revenues.

During the Covid pandemic the company saw a huge growth but as countries across the globe have opened back up for business, customers have changed their habits and spending fewer hours looking at their screens.

The outbreak of war in Ukraine has also had a negative effect for the company which was pressured to pull its streaming services in Russian territories which saw a loss of 700,000 subscribers.

As a result the company has once again hiked it's prices in the UK with the top tier Premium 4K plan now costing as much as £15.99, with a Standard plan now costing £10.99 and a Basic standard definition plan costing £6.99 per month. The increase has led to some customers cancelling or reducing their subscriptions, with the company estimating that up to one million more customers could cancel this year, with one and a half million already having cancelled since the start of 2022.

Times are looking increasingly hard for the company which for the first time since 2011 has  reported a loss in customers as it faces an ever increasing competition from the likes of Disney, Amazon and Apple and a world-wide economic downturn.

The company is already trialling a system in Latin American countries aimed at dissuading password sharing.

Last month, account holders in Chile, Costa Rica and Peru had to start paying for user profiles used by people outside their household.

If the same system is brought in across the rest of the world then it would mean families who shares their password with their children etc.. could see them cut off and having to pay for an additional account.