Companies lost around $9.1 billion USD (about $11.8 billion CAD) in 2019 due to password piracy and sharing.
This number is expected to rise to $12.5 billion USD (about $16.2 billion CAD) by 2024. The data comes from a recent report from Texas-based research firm, Parks Associates.
Many streaming services such as Netflix and Amazon Prime are attempting to crack down on illicit password sales, but are having trouble doing so, as outlined by The Hollywood Reporter.
Netflix recently poked fun at the practice of password sharing on Twitter. Netflix India’s account replied to a scam tweet that claimed to offer free Netflix stating: “If you want free Netflix please use someone else’s account like the rest of us.”
This is absolutely fake. If you want free Netflix please use someone else’s account like the rest of us. https://t.co/PHhwdA3sEI
— Netflix India (@NetflixIndia) January 4, 2020
A recent study from Hub Entertainment Research found that there is a generational gap when it comes to password sharing, as noted by The Hollywood Reporter.
The study found that 64 percent of people aged 13-24 had given their password to someone who doesn’t live with them. It also found that among consumers who are 35 and older, only 16 percent shared their password with someone outside of their household.
Source: The Hollywood Reporter