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Netflix plans to stop users from sharing passwords by the end of March

netflix plans to ban users from sharing passwords for free by the end of March this year, according to a recent company announcement in a letter to shareholders.

Back in October, the streaming giant It said it would start charging subscribers who share their accounts, but did not give a specific date or information on when the new policy would be enacted.

In a fourth-quarter earnings report released late last week, Netflix revealed that it would roll out the shared payment system across the platform in the latter part of the first quarter.

“Today’s widespread account sharing (more than 100 million households) undermines our long-term ability to invest in and improve Netflix, as well as build our business,” Netflix said in a letter to shareholders. While our terms of use limit Netflix use to one household, we recognize this is a change for members who share their account more broadly.”

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“So we’ve been hard at work creating additional new features that enhance the Netflix experience, including the ability for members to check which devices are using their account and transfer a profile to a new account.”

The company noted that the new policy would likely lead to “short-term engagement” being “negatively impacted” as some users stop consuming content on the platform due to the loss of a free account.

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However, Netflix insured shareholders that despite the new changes, engagement will grow “over time as we continue to provide great programming and borrowers sign up for their own accounts.”

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