Password Sharing is Theft and Its Killing Cable TV
Whatever you call it, it's killing the cable tv business.
It's no secret that young people like to consume entertainment they don't necessarily pay for.
But when business and tech types talk about this reality, they tend to use neutral or even flattering language: Millennials, they say, like to "swap" files and "share" subscription passwords. After all, super-earnest, bike-commuting, coffee-sipping twenty-somethings don't look like dangerous criminals. And let's face it, no business wants to alienate the work-force's largest generational cohort, with billions, if not trillions, worth of spending ahead of it.
But now some Wall Street analysts have decided to come right out and use another S word-steal-in discussing the problems facing some traditional media enterprises.
"The millennials are a generation that grew up (and will likely grow old) 'sharing' (read stealing) passwords for access to content if it continues to be ignored," wrote analysts Mike McCormack, Scott Goldman, and Tudor Mustata in a note to clients Tuesday. "We believe it is the most significant cause of the declining pay TV subscriber base."