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Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

Netflix may have gone viral with a humorous tweet about password sharing this week, but Wall Street sees the practice as a drag on the company and its rivals to the tune of billions of dollars in revenue each year.

Why it matters: With competition growing and the cost of content continuing to increase, some streaming companies are likely to consider cracking down on the widespread practice.

Driving the news:

  • As my colleague Felix Salmon noted, Netflix India tweeted a picture of a scam promising free Netflix and suggested followers just share passwords like everyone else.
  • A new Parks Associates study estimates that password sharing cost streaming companies $9 billion last year, per Hollywood Reporter.

The big picture: In a way, Felix wrote, Netflix likes it when you use someone else's account. A paying customer is better than a non-paying customer, but a non-paying customer is better than no customer at all. And some password sharers can go on to become the next generation of paying customers.

  • In the platform wars, size, growth and brand recognition matter more than anything else. Particularly in a fast-growing market like India, the prime goal for Netflix is to get as many people attached to its platform as possible — whether they're paying or not.

Go deeper:

Go deeper

25 mins ago - Health

India crosses 1 billion COVID vaccinations milestone

A health worker inoculates a COVID-19 vaccine dose to a man wearing face mask of Prime Minister Narendra Modi in Beawar, India, in September. Photo: Sumit Saraswat/Pacific Press/LightRocket via Getty Images

India's Prime Minister Narendra Modi announced Thursday that the country's health workers have now administered more than 1 billion COVID-19 vaccines doses.

Of note: While this is a significant milestone for the country of 1.4 billion, which has been devastated by the coronavirus, only about 30% of the eligible population has been fully vaccinated against the virus, per AP. Roughly 75% has received at least one dose.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.

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