(NEXSTAR) — Following in the footsteps of Netflix and Costco, Disney will soon begin cracking down on account sharing on its streaming service, the company’s CEO announced Wednesday.

In a move to “drive monetization,” CEO Bob Iger said the password-sharing crackdown for Disney+ will begin in 2024, The Wrap and CNBC reported, citing the company’s third-quarter earnings call.

“We are actively exploring ways to address account sharing and the best options for paying subscribers to share their accounts with friends and family,” Iger said, adding that changes will come to subscriber agreements later this year. He explained that account sharing is “significant.”

The announcement comes as Disney+ reports another drop in subscribers — it’s the second quarter in a row the streaming service has shed viewers.

Disney will also be raising prices for its ad-free versions of Disney+ and Hulu. In October, the Disney+ version will rise to $14 while Hulu will increase to $18.

Netflix made similar moves recently. Early last year, it raised subscription fees before announcing later in the year that it would crack down on account sharing. Then, Netflix began cracking down on password sharing in the U.S. in May and offering options to add members to accounts, for an additional fee.

Last month, Netflix ditched its cheapest ad-free plan. Its most affordable ad-free plan is now $15.49.

It isn’t just streaming services trying to keep their fee-based offerings exclusive.

Costco started cracking down on the misuse of its membership cards. It has since started checking membership cards at its registers.

KTLA’s David Lazarus and The Associated Press contributed to this report.