Key Takeaways
- Netflix subscriptions soared in the U.S. after the streaming service's recent crackdown on password sharing, according to research by Antenna.
- Subscription additions from May 25-May 28 exceeded those at the start of the pandemic.
- Shares of Netflix rose over 2% on Friday morning, and have gained about 17% since the May 23rd password crackdown.
Netflix’s (NFLX) recent ♉move to crack down on password sharing may be paying off.
Data from streaming analytics firm Antenna showed Neflix added more new subscriptions in the U.S. between May 25 and May 28 than any other four-day period since Antenna began keeping records in 2019. It said the service had almost 100,000 sign ups on May 26 and May 27 alone.
That came right after Netflix warned U.S. subscribers on May 23 that the service is only for those in their household, and that they would need to either pay an additional $7.99 monthly fee or transfer the membership if they included others.
Antenna indicateꦅd that average daily sign ups reached 73,000 during those four days, a 102% jump from the previous 60-day average. It noted those were greater than at the beginning of the COVID-🌳19 lockdowns in March and April 2020, when demand for the service boomed.
The research firm added that while cancellations also increased duri🌳ng that May period, the ratio of signups to cancellations was a positive 25.6% compared to🍸 the prior 60 days.
Shares of Netflix rose over 2% on Friday morning, and have gained about 17% since the May 23rd password crackdown.
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