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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

1 hour ago - Health

Black churches become vaccine hubs

A woman arrives at a COVID-19 vaccination clinic outside the Pennsylvania Avenue Baptist Church in southeast D.C. Photo: Jacquelyn Martin/AP

Black pastors have a new job on their plates during COVID-19: encouraging skeptical congregants to get vaccinated.

Why it matters: “There’s distrust in our community. We can’t ignore that,” Rev. James Coleman of D.C.'s All Nations Baptist told AP.

Biden names USPS board of governors nominees, as Democrats put pressure on DeJoy

United States Postal Service Postmaster General Louis DeJoy at a Feb. 24 committee hearing. Photo: Graeme Jennings/pool/AFP via Getty Images

President Biden on Wednesday nominated a former postal union lawyer, a vote-by-mail advocate, and a former deputy postmaster general to sit on the Postal Services' Board of Governors.

Why it matters: The nominations, which require Senate confirmation, come as some Democrats call for Postmaster General Louis DeJoy's ouster and others push for Biden to nominate board members to name a new postmaster general.

Kendall Baker, author of Sports
Updated 2 hours ago - Sports

Tiger Woods crash: What we know

Photo: Wally Skalij/Los Angeles Times via Getty Images

Tiger Woods underwent emergency surgery to repair damage to his right leg and ankle, after he was involved in a single-vehicle accident on Tuesday in which his SUV ran off the road.

What we know: The golf star "is currently awake, responsive and recovering in his hospital room" at Harbor-UCLA Medical Center, according to a late-night statement from his team.

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