Second, . In the pre-Netflix era, a successful local show would air on a national broadcaster, then sell to other territories, building a secondary market. IPAs bypass this entirely. The show premieres globally on Netflix on the same day. Local broadcasters lose their marquee content, leading to declining subscriptions and advertising revenue. Over time, the entire ecosystem of national pay-TV and free-to-air networks—historically the training ground for writers, directors, and crew—collapses. The IPA thus becomes a form of what economists call “vertical foreclosure”: Netflix controls both the production financing and the distribution pipeline, leaving no room for independent intermediaries.