You said, subscription based businesses. I am not sure what physical assets have to do with anything. Even ignoring Netflix's physical DVD library, if you consi

You said, subscription based businesses. I am not sure what physical assets have to do with anything. Even ignoring Netflix's physical DVD library, if you consider hosting a physical asset, then I think you'll also have to qualify Netflix as a "subscription service which provides automated hosting & licensing of select content for subscriber's convenience".