Warner Bros., MGM, and Universal licensing agreements ended as of midnight last night.
A lot of NFLX subscribers will soon realize there's not much more to watch and will be canceling their subscriptions.
Whether the loss is material depends on the titles. Netflix bulk purchases thousands of decrepid bad shows and movies no one watches. If it's those titles, NFLX's website selection will be cleaner and better serve users. If it's great stuff, Netflix is hurt.
Content owners may come around when they're getting zip revenue.
The BIG ISSUE, more important than TA or Netflix's valuation:
It is not just the titles they lost but they won't be getting anymore titles from them either. Google can afford to squeeze them out of the market. They are already paying for their servers and their bandwidth adding streaming is icing on the cake. They also own Android so making streaming mobile is an easy play as well.