As the copyright holders (not creators, mind you) realized the vast worth of their IP, licensing costs started to put the pressure on Netflix.

I'm sure that's true, but then we've found the actual problem! And it's not viewers sharing their accounts with their families.

If more users have accounts then licensing costs are less of a burden to Netflix.

Yes, but the real problem are rising licensing costs, not account sharing.

That has always been a burden. If customers want something then the person selling it sets the price.

That's just a description for Netflix predatory tactics. Their narrative is "against account sharing" (which was historically allowed by them) but the problem is actually "rising licensing costs", so their actual enemy is not users but content owners.

The narrative is important. It's important to reframe this as Netflix going against the less powerful side.

Also, I celebrate this has already cost them 1 million users in Spain alone. I hope this backfires on Netflix globally.