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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

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
14 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

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