Wall Street Analysts Argue that Millennials’ Affinity for Sharing Account Passwords is the Cause of the Decline of Pay-TV

In a letter to clients, three Wall Street analysts argue that Millennials’ affinity for sharing account passwords is the single most significant cause of the declining pay-TV subscriber base. This analysis misses the point: The fundamental issue upending pay TV is that consumers can now buy (or borrow, as it were) their content piecemeal for a fraction …