There are 186 million television subscribers in Western and Eastern Europe, which is about 8 million more than three years ago, although revenues are flat at $36 billion, as reported by Digital TV Research. Advertising and subscription revenues from online video on demand services have meanwhile grown from $6 billion to $14 billion. This week we report that Netflix is available as an option on a Sky subscription, integrated with the Sky Q platform. It is an evident convenience for subscribers, many of whom also have Netflix accounts. How much should we view Netflix as a threat to substitute the pay-television proposition and how much will it be complementary, potentially one video-on-demand channel among many in an aggregated entertainment offering?