Swedish video streaming company Viaplay’s organic sales grew by 5.6% in its core operations in the first quarter of 2024, down from 27.3% a year ago, as it focuses on improving operations after a recapitalisation drive.

After replacing its CEO and laying off 30% of its workforce last year, Viaplay unveiled a rescue plan in December that included raising equity and restructuring debt, and focusing on the core Nordic, Dutch and Viaplay Select operations.

The group, which competes with Netflix Inc and Walt Disney Co’s Disney+, said net sales from those operations rose to 4.46 billion Swedish crowns ($410 million) in the quarter, although that growth was hampered by customer churn following price increases and account sharing by users.

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Viaplay estimated that about a third of its premium subscribers have been sharing the account details for their subscriptions, which it said is a major issue for the whole industry.

It said it is in talks with distribution partners to tackle account sharing, and plans to implement further initiatives to limit that this summer.

Viaplay completed a 4 billion crown recapitalisation programme in February, including a cash injection from main stakeholders that it says should be sufficient, as it seeks to stabilise the business hit by waning demand amid high living costs.