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Game of Thrones was nearly "destroyed" by pirates illegally streaming HBO content
(www.forevergeek.com)
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HBO has repeated this policy for decades. Shared passwords and piracy drive long term retention. If your company is thinking long term, all that matters is raw content quality, which HBO has always dominated.
The new fuckhead in charge is fixing that. HBO, (or now officially Max because Cinemax was always HBO’s trailer park cousin,) is in the enshittification wringer.