�Stefan Ni­cola and Kris­ten Sch­weizer

▶ ▶ San­ders won’t be the Demo­cratic nom­i­nee, but his sup­port­ers will shape the party ▶ ▶ “The groups that dom­i­nate▶…▶now are dif­fer­ent than the ones that dom­i­nated 20 years ago”

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sports pro­gram­ming it’s spent bil­lions of pounds as­sem­bling. And HBO, with chan­nels in 15 coun­tries, said in Fe­bru­ary it’s look­ing for Scan­di­na­vian pro­duc­tions. An­other chal­lenge for the stream­ing ser­vices: high-qual­ity con­tent pro­duced by well-funded pub­lic broad­cast­ers. While 90 per­cent of Amer­i­can homes have pay-tv sub­scrip­tions, only about 30 per­cent of Ger­man house­holds and two-thirds of those in the U.K. do. Those who pay can choose from a va­ri­ety of Net­flix­like stream­ing ser­vices, such as Sky’s Now TV and Max­dome in Ger­many.

The ad­van­tage Netflix and Ama­zon bring is their rel­a­tively mod­est price: In Ger­many, Netflix starts at €7.99 ($8.87) a month; Ama­zon Prime is €49 per year, which also in­cludes mu­sic stream­ing and free ship­ping for pur­chases from its Web store. Ca­ble TV, by con­trast, can run from €20 to €100 monthly, though the more ex­pen­sive pack­ages typ­i­cally in­clude In­ter­net. Netflix has joined with ca­ble and tele­com com­pa­nies in­clud­ing Vir­gin Me­dia in the U.K. and Deutsche Telekom in Ger­many to widen its reach in a “mar­riage of con­ve­nience,” says IHS an­a­lyst Ted Hall. “House­holds are likely to spread their en­ter­tain­ment bud­gets across a va­ri­ety of ser­vices.”

The fight will be waged through­out Europe, but Ger­many is of par­tic­u­lar im­por­tance as the re­gion’s largest and wealth­i­est econ­omy. And there’s plenty of room to grow: IHS says Netflix has 1 mil­lion sub­scribers in the coun­try—just 7 per­cent of its to­tal for Europe—and 3 mil­lion Ger­man house­holds use Ama­zon’s Prime video, about 7.7 per­cent of the coun­try’s homes with TVS, or a lit­tle more than half the pen­e­tra­tion it has in the U.S. “For such a de­vel­oped mar­ket, Ger­many was slow on the up­take,” says IHS an­a­lyst Daniel Sut­ton. “TV wasn’t some­thing you pay for, it’s some­thing you get. That’s chang­ing, and peo­ple are more will­ing to pay for TV.”

Edited by Dim­i­tra Kessenides and David Rocks Bloomberg.com The start­ing price of an Ap­ple car, as fore­cast by Piper Jaf­fray an­a­lyst Gene Mun­ster. He pre­dicts the tech com­pany will start sell­ing an elec­tric ve­hi­cle in 2021. The bot­tom line Netflix and Ama­zon, seek­ing a big­ger share of Europe’s $44 bil­lion pay-tv mar­ket, are cre­at­ing more lo­cal pro­gram­ming.

Hil­lary Clin­ton’s March 15 sweep of Florida, Illinois, Mis­souri, North Carolina, and Ohio ef­fec­tively slammed the door on the story that would have dom­i­nated this pres­i­den­tial pri­mary sea­son were it not for one Don­ald J. Trump: the rise of Ver­mont Sen­a­tor Bernie San­ders to lead a move­ment that threat­ened Clin­ton’s path to the Demo­cratic nom­i­na­tion. A self- styled “demo­cratic so­cial­ist” and scourge of Wall Street, San­ders has gone much fur­ther than any­one an­tic­i­pated. His abil­ity to in­spire the party’s lib­eral grass roots—which has de­liv­ered more than $100 mil­lion in fi­nan­cial sup­port along with its loy­alty—means that he could con­ceiv­ably stay in the race all the way un­til the Demo­cratic con­ven­tion in July. But he won’t be the nom­i­nee. Clin­ton’s del­e­gate haul now all but as­sures that.

Ever since San­ders be­gan draw­ing mas­sive crowds last sum­mer, pun­dits have ex­plained his strength as be­ing pri­mar­ily a prod­uct of Clin­ton’s weak­nesses: her trou­ble at­tract­ing young peo­ple, her murky ties to wealthy donors and Wall Street, her in­abil­ity to en­er­gize Demo­cratic vot­ers de­spite what is, af­ter all, an his­toric can­di­dacy. At the Democrats’ March 9 de­bate, Clin­ton her­self seemed to ac­cept this cri­tique when she said plain­tively, “I am not a nat­u­ral politi­cian, in case you haven’t no­ticed.”

Maybe not. But the true ba­sis of San­ders’s strength has been largely over­looked: He gives voice to a set

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