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Netflix users will no longer be able to subscribe via their iTunes account

The streaming service is bypassing the Apple ‘app store tax’

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Netflix is no longer allowing new members to sign up for its service through Apple's app store, according to an update on the frequently asked questions (FAQ) section of the company’s website.

"We no longer support iTunes as a method of payment for new members," Netflix says. "Existing members who currently use iTunes as a method of payment can continue to do so."

The move to cut Apple out the equation will translate to a financial loss for Apple and a financial gain for Netflix. By asking all customers to use its website or app for billing and payments, Netflix will be able to keep all of the subscription revenue that comes in instead of giving 15 percent to Apple.

The change could result in a loss of up to $700,000 per day in iOS revenue for Apple, while Netflix stands to save millions annually.

In May of last year, Netflix got rid of the option to subscribe to its streaming service via Google Play. The company’s moves to boost its overall revenue by cutting out exorbitant fees come as an increasing number of consumers are turning to mobile streaming entertainment first.

"Consumers honestly don't care about screen size — they simply want to be entertained at a compelling price/value,” Rich Greenfield, media analyst and managing partner at the investment firm BTIG, told Axios.

The uptick in mobile streaming consumption has fueled Netflix’s growth in recent years, resulting in a boost in mobile revenue of nearly 100 percent year over year in its fiscal third quarter.

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