Netflix ramping up efforts to prevent password sharing

Netflix is ramping up efforts to stop users from sharing account passwords.

The streaming service says it is looking for ways to limit password sharing.

Right now, multiple users can share one account by setting up different viewing profiles while using one login.

According to a survey done by Magid for CNBC, just under 10% of Netflix users do not pay for their accounts.

"The cat is out of the bag," said Jill Rosengard Hill, executive president at media research firm Magid. "I wish I had a solution, because it's really hurting the business model and monetization of these premium high value services."

And 35% of millennials share passwords for streaming services, the study revealed.