Oops. Netflix has quickly grown from a nifty little site that streams a bunch of old movies to a game-changing entertainment powerhouse that makes it easier than ever to cut the cord. Long story short, it has become pay TV providers’ worst nightmare. Users love Netflix, investors love Netflix, and the company’s future looks brighter than ever as the cord cutting trend picks up steam.
Typically, service providers try to downplay Netflix’s impact on their business. Of course, one need only look at cable company’s subscriber trends to see how seriously Netflix and similar services are affecting these companies’ bottom lines. In an interesting moment of candor, however, one top cable company lobbyist admitted that Netflix is indeed hurting its business.
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