I should also mention that the majority of the 29 million subscribers that HBO has are located in North America. As has been mentioned in this thread, there are potentially billions of subscribers elsewhere in the world that do not have any legal way to access HBO content. A 'smart' business model would try to figure out a way to offer the content to those 'billions' of other people, while still being able to maintain a healthy profit margin.
I'm not even saying that an online option is required. HBO isn't even offered through 'cable' in many countries.
Imagine how many more subscribers they could gain if they offered a way for people to watch.
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