This Is the Chart That's Freaking Netflix Out

Popcorn Time, an app for watching pirated video, may pose the biggest threat Netflix has faced to its dominance

Hastings spoke during a session of the President's Council on Jobs and Competitiveness in Palo Alto, Calif., on Aug. 2, 2011.
Photographer: David Paul Morris

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By Mark Milian

January 21, 2015 at 2:30 AM UTC

This article is for subscribers only.

In a letter to shareholders (PDF), Netflix has highlighted what it describes as a "sobering" trend that's occurring in the Netherlands. The letter, posted on Netflix's website along with an earnings report that sent the stock price up as much as 16 percent, included a link to this chart, which shows Google search traffic in the European country.

What is Popcorn Time, and why does Netflix think it's important enough to tell investors about? Popcorn Time is one of the most popular services for watching pirated movies and television shows right now. It's often called "the Netflix for pirates" because of how easy it is to find and stream illegal content. The software is available for every major computer and smartphone operating system, including the iPhone—if users are willing to violate Apple's terms of service and "jailbreak" their devices.