Netflix Is Winning The Password Crackdown War With Its Biggest New Subscriber Numbers Since COVID

When Netflix announced in May that they were cracking down on password sharing and enforcing their new paid-sharing plan that would require some users to purchase an extra member subscription, they acknowledged that the move would anger a lot of subscribers and cause some people to cancel their memberships. But they also counted on much of their existing password-sharing fan base to buy into the new subscription model. A new report released today suggests that Netflix’s plan is working better than anyone could have hoped.

According to Variety, a research firm called Antenna has been monitoring subscription trends online and has found that Netflix averaged 73,000 new sign-ups per day in the immediate aftermath of their crackdown, between May 25-28. That initial spike in new subscribers was the biggest one Antenna has seen since the firm started monitoring Netflix’s subscription trends in 2019. The only time they’ve reported a similar surge in new subscribers was during COVID.

The streamer also saw a 25% increase in subscription cancellations in that same time period compared to the previous 60 days. While that number is significant, it was also expected based on the backlash Netflix faced, and the the number of new subscribers far outweighs the negative impact of those cancellations anyway.

As for what Netflix plans to do with that new influx of subscriber money, I’m sure it will go directly to the writers responsible for their shows. Seems like great timing that Netflix has received this windfall.