Netflix's Password Sharing Crackdown Could Affect the Bottom Line

It's actually going to take some time for subscribers to really get the full impact of the password sharing crackdown. I think folks are seeing the benefits and also the incremental revenue from that. In the near term, you're going to get some free cash flow acceleration. It could impact subscribers if there's not fresh content, but it'll be less than their legacy media peers because they have global scale.