Netflix vs HBO v3 (2 17-14)

The Present and Future of Pay-TV and SVOD

Chris Van Noy February 17th, 2014

Vs.

Chris Van Noy, CVN 2014 2

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. ”

~ Sun Tzu, The Art of War

“I hate television. I hate it as much as peanuts. But I can't stop eating peanuts.”

~ Orson Welles

Overview


1.  Takeaways 2.  Key Concepts – Lies, Misunderstandings and

other Conventional Wisdom 3.  What is Netflix, HBO – Not the same business but

still compete 4.  Key Comparisons – How they match now 5.  Threats Opportunities 6.  Strategies 7.  Future Predictions/Projections (HBO/Netflix,

Ecosystem)

Take-Aways •  Netflix surpasses HBO in Revenue in 2014 and Contribution Profit in 2017 but does not

exceed HBO in Profit Margin or Total Subscribers

•  Large threat to Netflix threat that is concerning is the amortization and cost of licensed content. Netflix has to maintain blistering subscription growth (virtuous cycle) to keep ahead of content cost or be swallowed by it.

•  Large threat (also an advantage) to HBO domestic is being tied to MVPDs and their spiral into higher prices, lower subscribers

•  HBO Int’l ARPU is much lower than Netflix Int’l – a competitive advantage as Netflix scales

•  HBO has other significant revenue streams besides subscribers. Content licensing will grow 36% between ’12 – ’16

•  Netflix will start to own content but the content licensing opportunity is not big enough assuming an aggressive int’l rollout for traditional streaming

•  Tipping point for cable vs broadband within 3-4 yrs. More channels (competition) will move to broadband. (HBO GO, ESPN etc.) Look for

•  Main threats are large companies that don’t need to make money on content: Amazon, Google, MVPD+Hulu. Data is a competitive advantage: Amazon, Google could have this advantage.

•  International - Increase in International Middle Class, increase in Fixed BB HH and Mobile BB, Increased market for Netflix, HBO, HBO Go and Content Licensing


Key Concepts #1 HBO does not have 114M subscribers


In 2013 HBO has 29.2M Domestic and 57M Paid Subscribers for a Total of 86.1M The popular 114M Subs numbers is HBO and Cinemax combined Domestic and International

#2 Netflix will not, nor ever have ads, sports, pay-per-view movies, news or live content.

Netflix’s mission statement and customer focus is to have great movies and TV shows in one place available anywhere. When a user wants to watch great entertainment Netflix is what they think of

#3 HBO is not only a subscriber business. HBO has healthy revenue streams from content licensing and DVD/Digital sales

#4 HBO will not go digital only in the US any time soon. HBO has a significant cost savings and revenue upside by being tied to the MVPD ecosystem. In addition, Time Warner leverages HBO to get more affiliate fees for their other cable networks HBO may offer HBO Go with a broadband subscription from an MVPD

What is Netflix and Will Be What it is Not and Won’t Be


Netflix Is: •  Wide-ranging selection of TV shows and

movies •  Pure on-demand choosing and viewing with

the highest video quality possible •  Personalized, intuitive, evolving UI on all

internet screens •  Inexpensive, $8/month, unlimited viewing,

Need an ISP (avg. $40/month) •  No commercials, no commitments, no

contracts

Netflix is Not: •  Not: Pay-per-view new movies (i.e. Apple,

Amazon, Google, etc.) •  Not: Ad-supported free content (YouTube, Hulu

etc.) •  Not: Sports, contestant, news, music video,

instructional, or user-gen video •  Not: All movies and TV shows in one place

HBO Is: •  Rotating selection of DVD window movies

and award winning original series •  Linear broadcasting of content with some on-

demand and online options •  Linked to the MVPD ecosystem, for better or

worse •  Not Cheap, $12 - $18/month, 5 channels and

HBO Go, Need an Cable package (avg. $80/mo.)

HBO is Not: •  Not: Pay-per-view new movies (i.e. Apple,

Amazon, Google, etc.) •  Not: Ad-supported free content (YouTube, Hulu

etc.) •  Not: Sports, contestant, news, music video,

instructional, or user-gen video •  Not: All movies and TV shows in one place

What is HBO and Netflix?


TW Publishing TW Networks TW Film & Entertainment

NYSE: TWX

Excavating HBO’s Businesses from Time Warner for a relevant comparison with Netflix

19 businesses

HBO HBO Multiplexes HBO On Demand HBO Go HBO Video HBO License/Distribution HBO Films HBO Miniseries HBO Entertainment HBO Docs HBO International HBO Latin America Cinemax Cinemax Multiplexes Cinemax On Demand Cinemax Latin America HBO Independent Prod PictureHouse Studios Warner Channel E! Latin America

19 businesses

1 Media Conglomerate -> 3 Divisions -> 32 Nets -> 19 HBO Businesses -> 12 HBO Biz

What is HBO and Netflix?


HBO HBO Multiplexes HBO On Demand HBO Go HBO Video HBO License/Distribution HBO Films HBO Miniseries HBO Entertainment HBO Docs HBO International HBO Latin America

vs.

Domestic Streaming International Streaming DVD Rental Netflix Production DVD Sales Netflix Licensing/Distribution (Potential)

Excavating HBO’s Businesses from Time Warner for a relevant comparison with Netflix

HBO HBO Multiplexes HBO On Demand HBO Go HBO Video HBO License/Distribution HBO Films HBO Miniseries HBO Entertainment HBO Docs HBO International HBO Latin America Cinemax Cinemax Multiplexes Cinemax On Demand Cinemax Latin America HBO Independent Prod PictureHouse Studios Warner Channel E! Latin America

19 businesses 12 businesses

1 Media Conglomerate -> 3 Divisions -> 32 Nets -> 19 HBO Businesses -> 12 HBO Biz

Key Comparisons


Key Business Drivers HBO Netflix

Attached to MVPD Ecosystem, Lower costs, Higher Margins, Leverage over pricing

Attached to MVPD Ecosystem, Higher customer cost, declining ecosystem

Not attached to ecosystem, low cost of consumer entry + partnerships

Heavily Exposed to Content Costs Exposed to Content Costs

Large, Serviceable Addressable Market. Domestic and Int’l

Large, well funded competitors that don’t depend on video rev but don’t have domain expertise (excepting HBO)

Early entrant with significant brand equity. CE Devices, platforms and soon ISPs need them

Multiple Revenue Streams and larger, potential Int’l Market

Mature Domestic Market

Key Comparisons


Netflix , HBO Paid Subscribers 2012 2013 2014 2015 2016

Netflix Domestic 25.5 31.4 37.0 42.1 45.0 Netflix Int'l 6.1 10.5 15.6 25.3 32.4

HBO Domestic 28.7 29.2 29.5 29.7 29.8 HBO Int'l 50.0 57.0 67.4 73.3 78.3

(Millions)

Key Drivers Observations •  HBO Domestic: Declining cable viewership, Subs

•  HBO Int’l: Consolidation of HBO Asia and soon HBO Lat Am, Fast increasing Pay-TV subs result of growing int’l middle class

•  NFLX Dom: Increasing BB HH, Connected TVs/Devices increase, original content, MVPD/CE partnerships

•  NFLX Int’l: Aggressive Int’l rollout: W & E Europe, Asia Pac and Lat Am. China, India, Russia not incl but could be

•  NFLX Dom passes HBO Dom (paid subs) in ’13 •  HBO has more Int’l subs than NFLX but at

a lower APRU ($2.5 vs. $6.28) •  NFLX Dom growth slows after 2016 (due to

price increase) •  HBO has significant Int’l sub growth due recent

consolidation and global growth

Key Comparisons


Cost of Acquisition / Churn Minimization Cost Per User

Netflix 2012 2013 2014 2015 2016 Domestic New $ 46.9 $ 46.0 $ 47.1 $ 51.3 $ 88.9 Domestic All $ 9.5 $ 8.3 $ 7.1 $ 6.2 $ 5.8 International New $ 47.2 $ 46.1 $ 48.5 $ 27.8 $ 41.0 International All $ 32.9 $ 19.2 $ 15.8 $ 10.7 $ 9.0

HBO Domestic New $ 91.7 $ 119.9 $ 281.8 $1,158.9 N/A Domestic All $ 1.8 $ 1.9 $ 2.0 $ 2.0 $ 1.6 International New $ 12.7 $ 15.7 $ 12.4 $ 24.2 $ 29.8 International All $ 1.9 $ 1.9 $ 1.9 $ 1.9 $ 1.9

Key Comparisons


Cost of Acquisition Marketing Cost Per New User

Netflix 2012 2013 2014 2015 2016 Domestic New $ 46.9 $ 46.0 $ 47.1 $ 51.3 $ 88.9 International New $ 47.2 $ 46.1 $ 48.5 $ 27.8 $ 41.0

HBO Domestic New $ 91.7 $119.9 $281.8 $1,158.9 N/A International New $ 12.7 $ 15.7 $ 12.4 $ 24.2 $ 29.8

Key Drivers Observations •  HBO Domestic: Established service, most value in churn min

•  HBO Int’l: Lat Am consolidation in ‘15

•  NFLX Dom: New, increasing original content, increasing SAM

•  NFLX Dom: increased price in ‘16 increases customer value

•  NFLX Int’l: Aggressive Int’l rollout plan – new markets with some existing brand value

•  HBO Int’l low ARPU causes low acquisition cost

•  NFLX Dom increase due slowing SAM growth / and increased ARPU

•  HBO Dom very since HBO Dom is focused on churn minimization

•  Netflix Int’l fluctuates due to continually entering new markets

HBO’s marke=ng spend focus isn’t on acquiring new users. They have a mature/declining market domes=cally. Their focus is on “churn minimiza=on” (next slide)

Key Comparisons


Churn Minimization Marketing Cost Per All Users

Netflix 2012 2013 2014 2015 2016 Domestic All $9.5 $8.3 $7.1 $6.2 $5.8 International All $32.9 $19.2 $15.8 $10.7 $9.0

HBO Domestic All $ 1.8 $ 1.9 $ 2.0 $ 2.0 $ 1.6 International All $ 1.9 $ 1.9 $ 1.9 $ 1.9 $ 1.9

Key Drivers Observations •  HBO: seems that both Dom and Int’l spend

to minimize churn

•  Netflix Dom: Paying less per user as subs reach scale, tech is more mature and original content

•  HBO Int’l low ARPU causes low acquisition cost

•  NFLX: could lower churn min spend reflect confidence in UI, Rec Engine, Original Content, better licensed content etc. ?

Key Comparisons


Cost of Delivery / Operations 2012 2013 2014 2015 2016

Netflix Domestic Streaming Tech Costs (Minus Delivery) $160.5 $194.1 $221.2 $256.7 $272.7 Streaming Delivery Costs $38.6 $44.3 $57.3 $40.2 $52.0

Total Delivery Costs $199.2 $238.4 $278.5 $296.9 $324.8 Cost Per User $7.34 $7.19 $7.14 $6.69 $6.84

Netflix Int'l Streaming Tech Costs (Minus Delivery) $8.8 $33.3 $44.6 $91.5 $89.0 Streaming Delivery Costs $17.4 $28.1 $45.8 $45.8 $71.0


HBO Operational Expense ( - Streaming) $445.6 $496.1 $529.3 $580.9 $603.1 HBO Go Digtal Streaming $1.0 $1.3 $2.9 $4.6 $11.6

Total Operational Expense $446.6 $497.4 $532.2 $585.4 $614.7 Cost Per User $5.64 $5.73 $5.39 $5.55 $5.56

Key Comparisons


Cost of Delivery / Operations

Netflix Domestic Streaming

Netflix Int’l Streaming

HBO

Key Drivers Observations •  HBO: Operations costs increase as efforts to

consolidate HBO Asia and HBO Latin America succeed

•  NFLX Int’l: delivery costs rise even per user as new markets are entered

•  NFLX Dom: Higher investment in UI, User Retention, Streaming tech and platforms as competition increases

•  TDB

2012 2013 2014 2015 2016 Total Delivery Costs $199.2 $238.4 $278.5 $296.9 $324.8 Cost Per User $7.34 $7.19 $7.14 $6.69 $6.84


Total Operational $446.6 $497.4 $532.2 $585.4 $614.7 Cost Per User $5.64 $5.73 $5.39 $5.55 $5.56

Netflix, HBO Revenue Streams


62.9% 16.2%

20.8%

Domestic Sub

DVD / Digital

Int’l Sub

Content Licensing

Int’l HBO Go

Domestic Sub

Int’l Sub

DVD Rental

HBO Observations ‘13 – ‘16

•  Aggressive Int’l Growth •  Drastic Decline in DVD •  Domestic still Growing

in Rev

Netflix Observations ‘13 – ‘16

•  Content Licensing Growth •  HBO Go Int’l Minimal •  Still Some Juice in

DVD/Digital •  Dom & Int’l Sub Growing in

Rev but Int’l in %

HBO 2013 Rev: $4,373

HBO 2016 Rev: $5,181

Netflix 2016 Rev: $7,150

Netflix 2013 Rev: $4,358

61.9%

30.5%

7.7%

63.9%

4.3%

22.8%

8.2%

0.8%

60.2%

3.5%

26.5%

8.7%

1.2%

Netflix vs. HBO ARPU, Costs and Profitability


2013 2014 2015

Netflix HBO Netflix HBO Netflix HBO

$7.99 $7.67 $7.99 $7.98 $7.99 $8.22

Content Licensing

Original Content

Marketing

Contribution Profit

ARPU / Month

* HBO and Netflix Domestic

As HBO’s domestic business stabilizes it’s only growth is in APRU forced from MVPDs Netflix has increasing costs on multiple fronts but subscriber growth is enough to increase profit margin

22.5%

47.0% 24.6%

40.6% 28.5% 35.9%

10.1%

4.3%

8.5%

9.7%

7.5% 13.4%

9.9%

21.5%

11.8%

22.6%

14.9%

23.6% 57.5%

27.2%

55.0%

27.1% 49.1%

27.1%



16.9%

47.4%

22.5%

47.2%

24.6%

44.0% 28.5%

41.3% 37.7% 29.8%

11.8%

4.1%

10.1%

4.1%

8.5%

6.5%

7.5%

8.3% 6.2% 17.1%

20.7%

9.9%

21.5%

11.8%

22.5%

14.9%

23.5%

16.0% 26.2%

71.3%

27.8%

57.5%

27.2%

55.0%

27.0%

49.1%

26.9% 40.0%

26.9%

2012 2013 2014 2015 2016

NeTlix HBO NeTlix HBO NeTlix HBO NeTlix HBO NeTlix HBO

$7.99 $7.67 $7.99 $7.98 $7.99 $8.22 $7.99 $8.46 $8.99 $8.72

Content Licensing

Original Content

Marke=ng

Contribu=on Profit

ARPU / Month

* HBO and NeTlix Domes=c

Opportunity: International Markets


Emerging Markets moving from Commodities Economy to Durables and Services Economies

The world market for entertainment – both Pay-TV (HBO) and SVOD (Netflix and HBOGo) -- is rapidly growing as the gains in average per capita income creates a large, international consumer middle class. In 17 yrs. there will be Three Billion more consumers for video entertainment

Source: Goldman Sachs Investment Research

Average income increases from $12.5K to $23K USD

Emerging Market Avg: $12K Emerging Market Avg: $23K

Netflix International Driving Forces

•  Growing Disposable Entertainment Income in Emerging Markets

•  Broadband (MVPD, Telco) Expansion

•  Higher Functioning, Less Expensive Devices

•  Proven Demand


21 World Map

HBO Global Channels 47 Countries, Expanding to 60 Countries


22 World Map

HBO Global

HBO’s International Channels: In ‘12 HBO reaches 47 Countries and 50M Subs By ’15 will reach 60 Countries and 73M Subs Revenue to grow 56% between ‘12 and ‘16

HBO’s Content Licensing: HBO content is seen in over 160 Countries Content Licensing revenue to grow 36% from ’12 to ’16 with larger deals and more content

HBO SVOD and HBO Go (Stand Alone) :

HBO VOD reaches over 2M people and HBO Go is expanding from Scandinavia to Latin America

HBO Home Entrainment: HBO DVD, Blu-Ray and Digital are distributed in over 70 countries WW


23 World Map

Netflix Global Coverage 30 Countries, Expanding to 60+ Countries


World Map

Netflix Global Rollout

Netflix International Streaming: In ‘13 Netflix is available in over 20 countries with 10.5M Subs.

Netflix International Rollout: In ‘14 we believe that Netflix will continue to grow in Scandinavia and launch in the rest of Western Europe through ’15 & ‘16 Major launches in Japan, S Korea, Australia in ’15 Countries in Eastern Europe and SE Asia will being to have access in ‘16 – ‘18


Netflix Potential Revenue Hedge Opportunity: Content Licensing


2014 2015 2016 2017 2018 Price per M for Catalog $1.13 $1.19 $1.27 $1.34 $1.42 Customer (MVPD) Reach 46.1 110.5 117.6 124.7 131.8

Total Licensing Rev (M) $52.0 $132.0 $149.0 $167.4 $187.5 % of Total Rev 1.0% 2.2% 2.1% 2.1% 2.1%

Customer (MVPD) Reach 92.20 177.25 224.65 264.26 284.84 Total Licensing Rev (M) $103.9 $211.8 $284.5 $354.7 $405.3

% of Total Rev 2.1% 3.5% 4.0% 4.4% 4.6%

2014 2015 2016 2017 2018 Price per M for Catalog $3.30 $3.40 $3.40 $3.50 $3.50 Customer (MVPD) Reach 116.9 124.1 131.3 138.6 145.8

Total Licensing Rev (M) $387.70 $417.80 $448.90 $480.70 $513.50

% of Total Rev 8.20% 8.40% 8.60% 8.90% 9.10%

Content licensing to Int’l TV Networks is a good revenue stream and hedge if Netflix is not going to have an aggressive international rollout of streaming service. Otherwise it’s not worth it for Netflix.

Aggressive Int’l Streaming Rollout

Non -Aggressive Int’l Streaming Rollout

Compare To:

Netflix and HBO Projections


0.0

20.0

40.0

60.0

80.0

100.0

120.0

2012 2013 2014 2015 2016 $-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

2012 2013 2014 2015 2016

Total Subscribers Total Revenue

Netflix HBO



Total Contribution Profit Contribution Profit Margin

Netflix HBO

0%

10%

20%

30%

40%

50%

60%

2012 2013 2014 2015 2016 $-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2012 2013 2014 2015 2016



Total Operating Profit Operating Profit Margin

Netflix HBO

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2012 2013 2014 2015 2016 0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2012 2013 2014 2015 2016

Content Benefits & Costs


hcp://qz.com/177549/neTlix-‐is-‐outdoing-‐hbo-‐and-‐show=me-‐with-‐its-‐buzzy-‐original-‐shows/

Appendix


Netflix HBO Subscribers Potential for Growth or Decline

Graph with NeTlix and HBO projec=ons next to their Serviceable Addressable Markets Will show that: 1.  HBO Domes=c has a shrinking SAM 2.  NFLX Domes=c has a growing SAM but growth slows aler ’16 3.  HBO Int’l SAM has grown because of consolida=on but no new opening

markets 4.  NFLX Int’l show a rapidly expanding SAM with significant barriers to entry


HBO Opportunities

•  Content Licensing

•  International Channels

•  HBO Go

•  Increasing Revenue from MVPDs

•  Expanded Content Production


Netflix Opportunities

•  Domestic Expansion

•  International Expansion

•  Content Licensing

•  Increasing Serviceable Addressable Market (Domestic and International)

•  Partnerships (ISP, Devices, Studios, TV)

•  Data


Threats to Netflix & HBO Large companies that don’t need to make money on content streaming


MVPD +

•  Premium Catalog and Original Content •  Future: Ad Supported, Premium TV Content •  Already large player in content ecosystem (2nd largest HE Retailer) •  Prime Video as a value add to Amazon Prime service

Google/YouTube: •  UGC, Original Content, Some Premium Catalog Content •  Wide Distribu=on •  Video as a value add to Google Ecosystem to gather data and serve ads

•  Premium TV Content, Early Window, Catch up TV + some movies •  Exclusive content deals •  Video as a value add to Google Ecosystem to gather data and serve ads

Threats to Netflix

•  Content Costs – Amortization of Content, Content Costs Rising

•  International Rollout Stagnation

•  Content Digital Distribution Competition (see other slide)

•  Fracturization of audience attention


NFLX 10K or annual report

Threats to HBO

•  Lowering TV Viewership – Fracturization of audience attention

•  MVPD Cost escalation

•  Rising Content Costs

•  Content Digital Distribution Competition (see other slide)


HBO Strategy

•  Continue to consolidate international channels, increase ARPU

•  Increase premium content •  Increase content syndication (raise costs) •  Negotiate better output deals •  Experiment with HBO Go domestic and roll out

international •  Cut down costs on sports content (CVN) •  Reduce risk in content creation (CVN) •  Reduce churn – decouple from MVPDs (CVN)


Netflix Strategy •  Increase Revenue

–  Increase Domestic Subscriptions –  Expand Internationally

•  License Content (CVN) •  Raise Consumer Price 2015 (CVN) •  Reduce Costs

–  Tech / Delivery –  Content Licensing –  Strategic Partnerships

•  Reduce Churn •  Improve Infrastructure (Tech)


Netflix Almost As Popular As Cable For Young Adults


% of American adults who subscribe to the following Pay-TV services, by age (Oct ’13)

Effect of Monthly Netflix Use on Regular TV Consumption (June ‘12)




2012 2014 2016

NeTlix HBO NeTlix HBO NeTlix HBO

$7.99 $7.67 $7.99 $8.22 $8.99 $8.72

Content Licensing

Original Content

Marke=ng

Contribu=on Profit

ARPU / Month

* HBO and NeTlix Domes=c

As HBO’s domes=c business stabilizes it’s only growth is in APRU forced from MVPDs NeTlix has increasing costs on mul=ple fronts but subscriber growth is enough to increase profit margin (with a licle help from a price increase)

16.9%

47.4% 24.6%

44.0% 37.7% 29.8% 11.8%

4.1%

8.5%

6.5% 6.2% 17.1%

20.7%

11.8%

22.5% 16.0%

26.2% 71.3%

27.8%

55.0%

27.0% 40.0%

26.9%

TV Content Moving Online Retrans/Affiliate Fees – Retrans 3.0 over soon Digital Rights more important in nego=a=ons MVPDs partnering with sports for Regional cable nets – cut out middle man and bolster nego=a=ons MVPD Revenue/Profit Change (TV -‐> BB) Declining TV Viewership Declining MVPD Subs MVPD consolida=on Melinials and subsequent genera=ons not watching Cable Fragmented Mindshare Increasing BB Penetra=on, Connected Devices Hulu cour=ng MVPDs Comcast HBO Go experiment MVPDs promo=ng online video Increasing value of licensing content – larger rev stream of content providers, to online companies Online video has big players that don’t make money on online video MVPDs – how to leverage/exploit last mile more


MVPDs similar to Nets •  Fewer TV watchers overall (digital/online and other options - attention fragmentation), rising

costs (content production/purchasing, higher affiliate/re-trans rates), more competition (more cable channels, telco/satellite)

•  MVPDs similar to networks, death spiral– smaller audiences, charge more for rev (MVPDs: customers, Nets: Ads, MVPDs) Smaller audiences need to go broader and cut costs

•  Competition for both gaining MVPDs – telco, satellite, digital/online and other options (attention fragmentation), TV Nets: other channels, digital/online and other options (attention fragmentation)


Random Thoughts and Threats •  NeTlix surpasses HBO in Revenue in 2014 and Contribu=on Profit in 2016 but does

not exceed HBO in Profit Margin •  Domes=c Streaming: Amazon bigger compe=tor than previously thought -‐ Hulu

like service (becer adver=sement) with Prime Domes=c Streaming: •  Tipping point for cable vs broadband within 3-‐4 yrs. HBO GO with ISP partners

(lower base rate) •  NeTlix will start to own content and make revenue from that soon HBO's business

is much different outside US -‐ JVs, Licensing content etc •  Immersive entertainment -‐ NFLX could be early provider for this experience of

content =tles -‐ becer data •  Poten=al partnerships with Facebook, plaTorms exploited -‐ lower acquisi=on

costs, higher reten=on •  Can NeTlix or HBO get becer, deeper data on users? Amazon, Google has this. •  Increase in Interna=onal Middle Class, increase in Fixed BB and Mobile BB,

Increased market for NeTlix, HBO, HBO Go and Content Licensing •  Many of the subscriber number assump=ons for HBO are flawed. 73 Int'l Subs,

114 Global Subs (INCLUDING domes=c) for both HBO AND Cinemax. Many do not differen=ate between HBO and Cinemax


Netflix vs HBO v3 (2 17-14)

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