If you're currently sharing your Netflix password with friends and family, listen up. The streaming giant will soon begin cracking down on and charging users who share their password.

On Tuesday (Oct. 18), Netflix announced imminent plans to "monetize" account sharing.

The streaming company will make it simple for users to share their account with friends and family using "sub accounts." Each "extra" member will get their own login and profile. However, the service will come at a cost.

Users will also be able to transfer their profile to a new account should they choose to sign up for their own account at full cost.

When Will Netflix Charge Users Who Share Passwords?

Netflix will begin charging users for account and password sharing in early 2023, likely in the first quarter.

"We've landed on a thoughtful approach to monetize account sharing and we'll begin rolling this out more broadly starting in early 2023," Netflix wrote in a letter to shareholders.

How Much Will Account Sharing Cost on Netflix?

Netflix's new plan mirrors Netflix's test run in Latin America, where subscribers have had to pay $2.99 per month for each "extra member" on their account. It's unclear if the same cost will apply to Netflix users in North America.

"After listening to consumer feedback, we are going to offer the ability for borrowers to transfer their Netflix profile into their own account, and for sharers to manage their devices more easily and to create sub accounts ('extra member'), if they want to pay for family or friends," the company's shareholder letter continued.

Earlier this year, the company announced they had seen a year-over-year decline in subscribers for the first time ever. At the time, executives thought there were at least 100 million households streaming without paying for the service.

When Netflix initially announced their plan to start charging customers who share passwords, it was met with backlash by users who already feel nickel and dimed by the streaming giant.

Some deemed the measure unfair for penalizing families who don't live in the same household.

The 50 Best Netflix Original Series

More From Mix 97.9 FM