Spotify Isn’t Netflix—For Better Or Worse

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I’ll admit it: I spent years mooching a Netflix subscription from a significant other’s ex-boyfriend’s parents. Don’t judge, you’ve done something equally ignominious, and so have millions upon millions of others. So when Netflix recently “announced” that password sharing eats into profits, I was surprised to see the stock plummet 35% in a single day.

To be fair, Netflix shared some additional gloomy news at the same ti...