After global streaming behemoth Netflix disclosed its first-ever membership drop in the first quarter of 2022, Australians have began to distance themselves from the burgeoning streaming business.
In the midst of the losses, with share prices plunging more than 35% in response, the corporation has been rushing to find new income streams, one of which is the planned barring of users from sharing their accounts.
Angela, a 26-year-old Sydney resident, told Xinhua on Wednesday that if such a ban were imposed, she would most certainly cancel her membership.
When I lived in a shared house, we only had one bank account. “I doubt we would have utilised it if the expense had not been divided,” she noted, adding that she only has her current membership because she shares her account with her parents.
The revisions might jeopardise Netflix’s around 6 million Australian customers, which make the platform the largest in Australia, beating local competitors and producing an estimated 1 billion Australian dollars (about 700 million US dollars) in annual income.
Amanda Lotz, media professor at Queensland University of Technology’s (QUT) Digital Media Research Center, told Xinhua that, while Australia accounts for just around 3% of overall Netflix users, it is a “highly subscribed market.”
“By making password sharing more onerous, Netflix is likely seeking to boost subscribers.”
However, it is not certain that individuals would not go to other platforms or alternatives.
Lotz stressed the need of not viewing the streaming market as a “zero sum game,” as each platform has something unique to offer.
“In compared to other services, Netflix remains rather different in presenting a combination of worldwide content.” However, many people, like Angela, are feeling overwhelmed by an industry that has gotten increasingly saturated over the previous decade.
There are now five major streaming services available in Australia; joining up for all of them would cost roughly 80 Australian dollars (approximately 57 US dollars) each month.
“As the number of streaming services expands faster than household budgets, titles scoring 10 are more likely to keep you subscribing, even if such titles aren’t on ‘Top 10’ most-watched lists,” Lotz added.
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