Netflix and chill (out), password sharers.After intense backlash surrounding what appeared to be the first signs of the company’s upcoming password sharing crackdown, Netflix (NFLX) clarified no official announcements have been made outside of the current test countries.”For a brief time last Tuesday, a help center article containing information that is only applicable to Chile, Costa Rica, and Peru, went live in other countries. We have since updated it,” a Netflix spokesperson told Yahoo Finance.Last week’s updates appeared to show the company would require users to identify a “primary location” for all accounts that live within the same household. News which had users suggesting this would be a bridge too far, and threatening to leave the platform as a result.Users would then need sign into the home Wi-Fi of the primary location at least once every 31 days to ensure their device is not blocked. Temporary codes would need to be used for traveling members, which would only remain valid for seven consecutive daysNetflix said it would use information such as IP addresses, device IDs, and account activity to determine whether a device signed into the account is connected to the primary location.In a recent survey, investment firm Jefferies highlighted concerns surrounding the company’s crackdown on password sharing, particularly among the account freeloaders Netflix hopes to convert.According to lead analyst Andrew Uerkwitz, about 62% of the 380 Netflix password borrowers surveyed said they would stop using Netflix once the crackdown takes effect.Only 10% of those polled said they would move to create their own account for $9.99 a month, hinting password borrowers don’t see enough value in the platform. The survey also suggested competitors could greatly benefit from Netflix’s crackdown.Some 35% of respondents said they can replace Netflix with another service, while another 31% added they don’t enjoy the content enough to justify paying for it.When asked which platforms users would use more frequently if they eliminated Netflix, the top streaming alternatives included Amazon Prime Video (42%), Hulu (35%), and Disney+ (26%).In its quarterly letter to shareholders published last month, Netflix said it would be intensifying its push to combat password sharing in Q1, although the streamer did not provide details on when exactly that would occur and what countries would be impacted.”Later in Q1, we expect to start rolling out paid sharing more broadly. Today’s widespread account sharing (100M+ households) undermines our long term ability to invest in and improve Netflix, as well as build our business,” the company wrote.Netflix’s password crackdown, coupled with its recently launched ad-supported tier, have been looked at as meaningful profitability drivers, especially as competition within the streaming space escalates: “As always, our north stars remain pleasing our members and building even greater profitability over time.”Netflix reported subscriber net additions of 7.66 million in Q4, above company guidance for 4.5 million amid a slew of high-profile and record-breaking content releases, including “Glass Onion,” “Troll,” “All Quiet on the Western Front,” “My Name is Vendetta,” and “Wednesday.””The bottom line is there’s a massive amount of password sharing, particularly among affluent people,” Jason Helfstein, head of internet research at Oppenheimer, told Yahoo Finance Live in an interview on Monday.”We do think a good chunk of [Netflix] subscribers will probably pay more to keep certain members of their household, or let’s say their children who no longer live with them, on their plan,” he continued.Helfstein, who described the crackdown as a “net positive” in the long term, added Netflix, “would not be doing this if they thought they would end up in a worse revenue situation.””This is a company that historically has prided itself on customer service, above all,” Helfstein said.”The reality is people have taken advantage of it. Sharing your Netflix account with 20 other people is probably not what the company had in mind, [but] if people are reasonable and share this with five, six people in their family? I think it’s going to work out.”With additional reporting from Brian SozziAlexandra is a Senior Entertainment and Media Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at [email protected] here for the latest trending stock tickers of the Yahoo Finance platformClick here for the latest stock market news and in-depth analysis, including events that move stocksRead the latest financial and business news from Yahoo FinanceDownload the Yahoo Finance app for Apple or AndroidFollow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTubeGoogle’s new Gemini AI model is getting a mixed reception after its big debut yesterday, but users may have less confidence in the company’s tech or integrity after finding out that the most impressive demo of Gemini was pretty much faked. A video called “Hands-on with Gemini: Interacting with multimodal AI” hit a million views over the last day, and it’s not hard to see why. The impressive demo “highlights some of our favorite interactions with Gemini,” showing how the multimodal model (that isSpeaking out for the first time since the shake-up at OpenAI, ex–board member Helen Toner told her side of the story in an interview with the Wall Street Journal.Earning more money can make it easier to pay the bills, fund your financial goals and spend on hobbies or “fun,” but what income is considered to make you rich? The answer can depend on several factors, including where you … Continue reading → The post What Income Level Is Considered Rich? appeared first on SmartAsset Blog.In one of his last public appearances, Charlie Munger discussed a range of investment topics, including his approach to value investing. Munger, Warren Buffett’s long-time business partner who died on Nov. 28, shared his insights on the Acquired Podcast. Known for his frank and straightforward style, Munger drew from the teachings of Benjamin Graham, the pioneer of value investing. 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Or whether your income in your post-work years will be enough to keep you afloat? It’s normal to be curious about the average retirement income in the U.S. … Continue reading → The post What Is the Average Retirement Income? appeared first on SmartAsset Blog.Saving $1 million (or more) for retirement is a great goal to have. Putting that much aside could make it easier to live your preferred lifestyle when you retire, without having to worry about running short of money. However, not … Continue reading → The post What Percentage of Retirees Have a Million Dollars? appeared first on SmartAsset Blog.Muddy Waters believes the ‘perfect macro storm’ of high interest rates and office vacancies is coming for Blackstone Mortgage Trust.Rivian stock is on the move higher today with a new bull joining the herd.
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