Netflix has seen its subscriber base grow rapidly – suggesting its crackdown on password sharing has gone even better than expected. The company has launched a range of schemes intended to encourage more people to sign up, amid slumping user numbers. They include a cheaper version of the streaming service with ads, but also a password sharing crackdown that proved controversial among users who characterised it as invasive or mean. It appears to have worked to encourage users to sign up, however. The company said in its latest results that it had added 5.9 million users, almost three times what analysts had expected. Netflix ended June with 238.4 million worldwide subscribers. Investors seemed unsatisfied, perhaps rattled by management commentary in a shareholder letter warning “quite a competitive battle” continuing to unfold against the backdrop of ongoing strikes by both the writers and actors union in the US that is already bogging down much of Hollywood and threatening to clog the pipelines feeding entertainment to streaming services. Netflix's stock price fell 4 per cent in Wednesday's extended trading. The decline also could have reflected some investor locking in profits that have accrued while the shares have climbed by more than 50 per cent so far this year. The second-quarter performance marked Netflix’s biggest spring —- traditionally the company's slowest stretch of growth — since gaining 10 million subscribers during the same period in 2020 under dramatically different market conditions. In 2020, people were still largely stuck at home and looking for ways to keep themselves entertained while governments around the world struggled to find a way to contain the spread of pandemic. Now, Netflix finds itself trying to bounce back from a growth slowdown amid stiff video streaming competition and inflationary pressures that have caused many households to clamp down on spending, especially on discretionary items such as entertainment. As an antidote, Netflix last year introduced a low-priced option that includes commercials and then began to block the rampant sharing of passwords that has enabled an estimated 100 million people worldwide to watch its TV series and films for free. Freeloading viewers are now being required to open their own accounts unless a subscriber with a standard or premium plan agrees to pay an $8 monthly surcharge to allow more people living in different households to watch. In its shareholder letter, management said the crackdown on password sharing is resulting in a “healthy conversion of borrower households into full paying Netflix memberships.” And Netflix still isn’t done tinkering. As part of Wednesday’s earnings release, Netflix also revealed it’s phasing out its cheapest ad-free plan – a service that costs $10 in the U.S. Existing subscribers already paying for this basic plan will be allowed to keep it. The shift appears designed to get more people to switch to the $7 monthly plan that includes commercials in hopes of boosting ad revenue or sign up for its $15.50 monthly standard plan or $20 monthly premium plan. “While we’ve made steady progress this year, we have more work to do to reaccelerate our growth,” Netflix management told shareholders in its letter. The pricing changes that have already been made helped Netflix boost its second-quarter revenue by 3% from the same time last year to $8.2 billon, falling below analyst forecasts. Netflix earned $1.49 billion during the period, compared with $1.44 billion last year. But earnings per share came in at $3.29 per share, eclipsing the average analyst estimate of $2.85 per share, according to FactSet. Netflix didn't delve into the potential fallout from the current walkout by in the U.S. by writers and actors. The dispute revolves revolve largely around the payment system used in video streaming and the rise of artificial intelligence technology threatening to exploit the work of humans and eventually replace them. Unlike traditional movie and TV studios in the U.S., Netflix has been able to keep feeding its entertainment pipeline with shows that it has been able to use to keep luring in and retaining subscribers. Additional reporting by AP Read More Stolen ChatGPT accounts for sale on the dark web Geothermal breakthrough uses oil drilling tech to tap renewable energy Solar panel tech breakthrough generates electricity from rain Stolen ChatGPT accounts for sale on the dark web Geothermal breakthrough uses oil drilling tech to tap renewable energy Solar panel tech breakthrough generates electricity from rain

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Sam Altman might still return to OpenAI after his ouster from the company, Microsoft chief Satya Nadella hinted. Chaos erupted at OpenAI on Friday as the company’s board abruptly fired its founder and chief Mr Altman, saying it “no longer has confidence in his ability to continue leading OpenAI”. Later, hundreds of the ChatGPT company’s employees threatened to quit unless its board resigned. When asked on Monday whether Mr Altman would join Microsoft, that has invested billions in the ChatGPT company, Mr Nadella said he was “open to both options”. “Look, that is for the OpenAI board and management and the employees to choose,” he told CNBC. “We obviously want Sam and Greg to have a fantastic home if they’re not going to be at OpenAI,” the Microsoft chief said. “We chose to explicitly partner with OpenAI and we want to continue to do so, and obviously, that depends on the people of OpenAI staying there or coming to Microsoft,” Mr Nadella had said. Microsoft later officially announced it was hiring Mr Altman and OpenAI co-founder Greg Brockman, who resigned on Friday. “Extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team,” Mr Nadella said in a post on X. “We look forward to moving quickly to provide them with the resources needed for their success,” he said. Mr Altman’s sacking was followed by about 500 staff at the company demanding the board’s resignation and the reinstatement of their dismissed boss. The employees signed a letter demanding OpenAI’s board resign and reinstate Mr Altman, claiming the decision to oust him jeopardised the company’s work. The letter was reportedly signed by several senior staff at OpenAI. Mira Murati, the company’s chief technology officer who was appointed as the interim chief following Mr Altman’s exit, was one of the signatories. Another signatory, Ilya Sutskever, the company’s chief scientist and one of the board members, expressed “deep regret” over the decision to remove Mr Altman. Employees at the company’s headquarters reportedly refused to attend an emergency all-hands meeting with new OpenAI boss Emmett Shear that was scheduled on Sunday. Some had responded to a Slack announcement with a middle-finger emoji, according to reports. Mr Nadella also said “it’s clear something has to change around the governance” at OpenAI. “We’ll have a good dialogue with their board on that, and walk through that as that evolves,” he said. Mr Altman said on X that his “top priority” remains to “ensure OpenAI continues to thrive”. “We are committed to fully providing continuity of operations to our partners and customers,” the ousted tech boss said on Monday. “We have more unity and commitment and focus than ever before. We are all going to work together some way or other, and I’m so excited. one team, one mission,” Mr Altman said. Read More OpenAI staff ‘threaten to quit over ousting of Sam Altman’ Microsoft’s new AI tool cleans up messy backgrounds in video calls First carbon capture plant opens in the US to help avoid climate catastrophe One of the world’s most hyped tech products just launched – and made a big mistake Musk files defamation suit against Media Matters over Nazi X post claims ‘We are broken’: Armenia looks to technology to rebuild

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LONDON--(BUSINESS WIRE)--Jul 20, 2023--

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