Netflix subscribers will be unable to share password; new co-chief confirms

Netflix Inc. co-founder Reed Hastings steps down as CEO after leading the company for more than two decades; he is succeeded by two long-time associates, Ted Sarandos (who was already co-chief) and Greg Peters. They have now provided details about the company’s future, including a proposal to end password sharing in many countries.

Peters, the new co-CEO confirmed that the vast majority of Netflix subscribers who use the service but do not pay for it will be forced to do so in the near future. In an interview with Bloomberg, he went on to say that the regulated password sharing would be implemented gradually, so the video streaming platform would not sacrifice the user experience even after it gets implemented.

He predicted that the event would not be well received by all, and that the company would have to deal with some irate customers. According to the CEOs, the company hopes to focus on developing countries such as India as it grows its subscriber base by 15 to 20 million.