The most used site for watching movies and web series Netflix has announced that it will soon close the option for sharing passwords.

According to the chief product officer of Netflix, Greg Peters shared the news during a call to discuss the firm’s earning during the third quarter of 2019. He said,

“Netflix wants to clamp down on password sharing without ‘alienating a certain portion of [its] user base. We continue to monitor it so we’re looking at the situation.”

He continued,

“We’ll see those consumer-friendly ways to push on the edges of that.”

According to research, Netflix loses more than $135 million every month due to just under 10% of its subscribers sharing their passwords.

It's estimated that Netflix loses more than $135 million every month due to just under 10% of its subscribers sharing their passwords, according to research firm Magid.

— UberFacts (@UberFacts) October 24, 2019