After more than 20 years as CEO of Netflix Inc., co-founder Reed Hastings steps down; Greg Peters and Ted Sarandos, both longtime associates, take his place. They have recently released information regarding the company’s future, which includes a plan to end password sharing in many nations.
According to Peters, the new co-CEO, the vast majority of Netflix users who use the service but do not pay for it will soon be required to do so. He added in an interview with Bloomberg by saying that the regulated password sharing would be deployed gradually in order to keep the user experience on the video streaming platform even after it is put into place.
He predicted that not everyone would like the event and that the company would have to cope with some unhappy customers. As its subscriber base increases by 15 to 20 million, the company intends to concentrate on developing nations like India.
In November, Netflix unveiled a brand-new tier that is supported by advertising. The performance of the ad tier has been mixed; in its first month, it was Netflix’s least popular plan. However, the new tier led to a spike in new sign-ups on its first day and increased its percentage of Netflix sign-ups in December.
In addition to saying that the advertising tier has brought in new, budget-conscious users, Netflix expressed pleasure with its progress. According to Bloomberg, most users of the advertising tier are brand-new subscribers rather than those who had previously subscribed to a more expensive plan.