Telsyte, a research firm, conducted its annual industry survey and revealed the number of Aussie Netflix subscribers dropped to 6.1 million over the last 12 months. This equates to about 189,000 users dropping the subscription.

The streaming giant announced it was going to crack down on password sharing in Australia in May 2023 after it had conducted successful trials in Canada, New Zealand, Portugal and Spain.

This meant that customers could add an ‘extra member’ to premium plans for an additional $7.99 a month.

The crackdown was initiated after Netflix discovered that more than $100 million households had supplied their log-in credentials to friends and family outside of their homes.

The initial roll-out saw 73,000 new users sign up in the U.S. in four days, a whopping 102 per cent increase on the previous 60 days. Outraged customers took to social media to vent their frustrations about the crackdown.

Not only has Netflix had to compete with other streaming giants, but the increasing cost of living pressure has played a part in the huge loss of subscribers.

As Netflix subscribers dropped, the Telsyte survey found that Disney+ was up 1 per cent, Amazon Prime Video was up 9 per cent, and Stan rose 2 per cent.

But it was Paramount+ that saw the most significant jump with a 41 per cent increase, while Foxtel’s Binge rose 22 per cent. Kayo Sports also saw an increase of 8 per cent.