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Netflix To Automatically Cancel Unused Subscriptions

Netflix Inc. (NASDAQ: NFLX) said on Thursday it would automatically cancel subscriptions of users who haven't watched any content on its platform for an entire year.What Happened The streaming video-on-demand service provider said it would send an email to users asking if they would like to discontinue their subscriptions after having not used it for 12 months."If they don't confirm that they want to keep subscribing, we'll automatically cancel their subscription," the California-based company said in a statement.Netflix noted that it doesn't want "people paying for something they're not using."According to the company, it will be "really easy" for users to restart their subscriptions if they want. Their account, including content preferences, bookmarks, and other relevant information, will be kept intact for ten months following the discontinuation of subscription.Netflix said inactive accounts make up for less than 0.5% of its members and are already factored in its financial guidance for the next quarter.The company has seen a surge in business during the novel coronavirus (COVID-19) pandemic. It reported a 27.6% increase in sales in the first quarter compared to the similar quarter a year ago.Price Action Netflix shares closed 2.5% lower at $436.25 on Thursday and traded 50 cents higher in the after-hours session. The shares are up 34.8% year-till-date.See more from Benzinga * KKR To Invest .5B In India's Jio Platforms, Joins Facebook, Three Other US Firms As Stakeholders * Global Music Revenue Set To Double By 2030 Despite Pandemic Impact: Goldman Sachs Report * Facebook Plans To Resume Work In Office In July At 25% Capacity And Safety Measures In Place(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. Read More...

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Netflix Inc. (NASDAQ: NFLX)&nbsp;said&nbsp;on Thursday it would&nbsp;automatically cancel subscriptions of users who haven’t watched any content on its platform for an entire year.” data-reactid=”19″>Netflix Inc. (NASDAQ: NFLX) said on Thursday it would automatically cancel subscriptions of users who haven’t watched any content on its platform for an entire year.

What Happened

The streaming video-on-demand service provider said it would send an email to users asking if they would like to discontinue their subscriptions after having not used it for 12 months.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content=""If they don't confirm that they want to keep subscribing, we'll automatically cancel their subscription," the California-based company said in a statement.” data-reactid=”22″>”If they don’t confirm that they want to keep subscribing, we’ll automatically cancel their subscription,” the California-based company said in a statement.

Netflix noted that it doesn’t want “people paying for something they’re not using.”

According to the company, it will be “really easy” for users to restart their subscriptions if they want. Their account, including content preferences, bookmarks, and other relevant information, will be kept intact for ten months following the discontinuation of subscription.

Netflix said inactive accounts make up for less than 0.5% of its members and are already factored in its financial guidance for the next quarter.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The company has seen a surge in business during the novel coronavirus (COVID-19) pandemic. It reported a 27.6% increase in sales in the first quarter compared to the similar quarter a year ago.” data-reactid=”26″>The company has seen a surge in business during the novel coronavirus (COVID-19) pandemic. It reported a 27.6% increase in sales in the first quarter compared to the similar quarter a year ago.

Price Action

Netflix shares closed 2.5% lower at $436.25 on Thursday and traded 50 cents higher in the after-hours session. The shares are up 34.8% year-till-date.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="See more from Benzinga” data-reactid=”29″>See more from Benzinga

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”34″>© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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