PLOT TWIST. Netflix is testing a clampdown on users who share passwords. It sounds like an act of self-defence. After all, around 14% of American viewers aren’t paying. But it might also be a clever way to raise the heat on other streaming services like Disney+ and Paramount+. Think about what happens to a freeloading user who is asked to pony up $8.99 for the basic Netflix package. If they subscribe, Netflix gets extra revenue and grows its 204 million-strong customer base – and the user has a little bit less disposable income to spend on a rival. On the other hand, if the user doesn’t take the bait, and goes with a different service or nothing at all, Netflix is no worse off – because the user wasn’t paying anyway. Of course, one person can have several streaming products. The soaring market values of Walt Disney and Paramount+ owner ViacomCBS show investors are counting on it. But there’s only so much money to go around. By tapping viewers for cash now, Netflix can twist the knife on rivals, with nothing to lose itself. (By John Foley)