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.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6:30 a.m. ET: 30,199,007 — Total deaths: 946,490— Total recoveries: 20,544, 967Map
  2. U.S.: Total confirmed cases as of 6:30 a.m. ET: 6,675,593 — Total deaths: 197,644 — Total recoveries: 2,540,334 — Total tests: 90,710,730Map
  3. Politics: Former Pence aide says she plans to vote for Joe Biden, accusing Trump of costing lives in his coronavirus response.
  4. Health: Pew: 49% of Americans wouldn't get COVID-19 vaccine if available today Pandemic may cause cancer uptick The risks of moving too fast on a vaccine — COVID-19 racial disparities extend to health coverage losses.
  5. Business: Retail sales return to pre-coronavirus trend.
Mike Allen, author of AM
2 hours ago - Politics & Policy

Scoop: Mike Bloomberg's anti-chaos theory

CNN's Anderson Cooper questions Joe Biden last night at a drive-in town hall in Moosic, Pa., outside Scranton. Photo: CNN

Mike Bloomberg's $100 million Florida blitz begins today and will continue "wall to wall" in all 10 TV markets through Election Day, advisers tell me.

Why it matters: Bloomberg thinks that Joe Biden putting away Florida is the most feasible way to head off the national chaos we could have if the outcome of Trump v. Biden remained uncertain long after Election Day.

Biden's hardline Russia reset

Photo Illustration: Eniola Odetunde/Axios. Getty Images photos: Mark Reinstein

When he talks about Russia, Joe Biden has sounded like Ronald Reagan all summer, setting up a potential Day 1 confrontation with Russian President Vladimir Putin if Biden were to win.

Why it matters: Biden has promised a forceful response against Russia for both election interference and alleged bounty payments to target American troops in Afghanistan. But being tougher than President Trump could be the easy part. The risk is overdoing it and making diplomacy impossible.