Streaming giant Netflix is reportedly planning to put an end to its password sharing feature in early 2023.Previously, there were rumours about the end of password sharing, but the changes are set to officially go into effect next year, reports MacRumors. Netflix has known for a while that password sharing is a problem that hurts its revenue, but the business decided not to address the problem due to the increase in subscriptions in 2020. Netflix CEO Reed Hastings felt it was time to address the problem after this year’s revenue decline and the platform’s first subscriber loss in ten years.
According to the article, the business plans to start charging users who share accounts with people outside of their household at the beginning of the following year. The massive streaming service had unveiled the Profile Transfer option in October to stop password sharing, and it had since been made available to all members worldwide.
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Additionally, Netflix revealed on Wednesday that starting on December 30, 2022, subscribers will be able to view fitness content through the Nike Training Club service. In the meantime, Netflix announced plans to erect a cutting-edge production facility at a former Army base near the Jersey Shore for more than $900 million, adding thousands of jobs in the process.
The 292-acre site on the former Fort Monmouth military post in Eatontown and Oceanport will be purchased by the subscription video streaming corporation for $55 million. The California-based corporation intends to invest an additional $848 million in 12 sound stages and other film-related projects.
u201cWeu2019re thrilled to continue and expand our significant investment in New Jersey and North America,u201d said Ted Sarandos, the company’s co-CEO and chief content officer. u201cWe believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output, while sparking a vibrant production ecosystem in New Jersey.u201d
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