SYDNEY, April 27 (Xinhua) -- After global streaming giant Netflix reported its first-ever subscriber loss in the first quarter of 2022, Aussies have begun to turn away from the proliferating streaming market.
Amid the losses, share prices dropping more than 35 percent in response to the decline, the company has been scrambling to open up new revenue streams, one of which is the proposed blocking of users from sharing their accounts.
Angela, a 26-year-old Sydney local, told Xinhua on Wednesday that if such a ban came into place, she would likely end her subscription.
"When I lived in a share house we all just shared one account. I doubt we would have used it if the cost wasn't split," she added that she only holds her current subscription because she shares her account with her parents.
The changes may threaten Netflix's some 6 million Australian subscribers, which make the platform the largest in Australia, outperforming local competitors and generating an estimated 1 billion Australian dollars (about 700 million U.S. dollars) in yearly revenue.
Amanda Lotz, media professor from Queensland University of Technology's (QUT) Digital Media Research Center, told Xinhua that while Australia only accounts for around 3 percent of Netflix's total subscribers, it was a "strongly subscribed market."
"By making password sharing more difficult, presumably Netflix is hoping to increase subscribers."
However, it is not guaranteed that it would not see people move to other platforms or alternatives.
Lotz said it was important not to think of the streaming industry as a "zero sum competition," as each platform has unique things to offer.
"Netflix remains fairly distinctive in offering a blend of global content in comparison to other services."
But, like Angela, many users are finding themselves overwhelmed by an industry that has grown increasingly crowded over the last decade.
Currently, there are five major streaming services operating in Australia, signing up to all of them would cost around 80 Australian dollars (about 57 U.S. dollars) per month.
"As the number of streaming services grows faster than household budgets, it's those titles scoring 10 that are more likely to keep you paying, even if those titles aren't among those on 'Top 10' most-watched lists," said Lotz. ■