There is no doubt that cord cutting is on the rise and services like Kodi and Roku are gaining more popularity. Even with video subscription services, users are sharing accounts to save bucks. According to CordCutting.com, 1 in 5 people is using the account credentials of their friends or exes to stream videos from Netflix, Amazon Prime, or Hulu.
By using the Netflix account of someone else, such people save up to $207.74 over a period of 26 months, according to a study. These freeloaders are causing substantial losses to the video streaming company.
CordCutting’s report says that Netflix is losing out on $192 million per month from piracy and people mooching off others’ account. On the other hand, Amazon Prime suffers from $45 million per month, and Hulu misses out on $40 per month.
Millennials constitute the major chunk of freeloaders when it comes to Netflix. Almost 18% of the users involved in Netflix piracy are millennials whereas out of the total number of Hulu’s freeloaders, 20% are millennials. Surprisingly, Amazon Prime Video accounts are borrowed more by Baby Boomers when compared to gen-x.
According to the study, 59.3% of the freeloaders are ready to purchase their own subscription if they lose the existing one.
Do you also belong to the section who are causing the massive loss in revenue to Netflix or do you have your own Netflix account? Tell us in the comments below.