I find that Netflix’s current woes are due to a number of problems, and cracking down on account sharing is not the panacea they are hoping for.
1) Rising prices. It’s twice the price of a Disney+ sub and easily thrice that of TV+, but I don’t feel I am getting proportionally more value out of it. Especially when I am paying the highest tier chiefly for 4K resolution.
2) Tons of crap content that I cannot be bothered to watch. I am not the sort to rotate my subscriptions, so dumping their episodes all in one sitting doesn’t impact my decision to continue paying every month. Admittedly, netflix still gets my money every month regardless of how much or how little content I consume, but there will come a time when people eventually decide to quit altogether because they will wonder what exactly it is they are paying for.
3) More competition all round, and coupled with rising prices makes it harder for people to justify maintaining access to multiple streaming services. When deciding what to cut, Netflix’s prices stand out the most.
I feel that Netflix is especially more vulnerable because unlike Disney and Apple, they are wholly reliant on subscriber revenue, so any reduction in income will affect their ability to produce new content, which will in turn affect churn, and so on.
It’s still early days, but it could also be the start of a downward spiral we are seeing.