But when Netflix started reaching consumers over the internet, HBO faced a major competitive disadvantage. It reached its subscribers through local cable companies, which charged HBO a fee. If subscribers paid the cable company $15 a month for HBO, the cable company kept $5. Netflix, reaching subscribers directly online, received all the money its subscribers paid. It wasn’t much help that HBO’s parent company, Time Warner, was a major supplier of home internet—one of the “pipes” streamers relied upon to deliver content to consumers. The Obama administration’s “net neutrality” rule prevented the internet providers favoring their own products or “throttling” their competitors’.
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