The authors are grateful for discussions with Bart Bronnenberg, Tat Chan, Jean-Pierre Dubé, Pedro Gardete, Rafael Greminger, Carl Mela, Sridhar Moorthy, Ilya Morozov, Stephan Seiler, Adam Smith, Raluca Ursu, Giorgos Zervas, and Fan Zhang as well as participants at the 2020 Marketing Science Conference, Netflix, UCL, Tilburg, 2022 Workshop on Consumer Search and Switching Costs, Virtual Quantitative Marketing Seminar, Wharton, Stanford, the University of Toronto and Wash University Junior Faculty Development Forum. Adam Sy provided excellent research assistance. This project was started when G. Compiani was an intern at Microsoft Research New England. All authors certify that they have no affiliations with or involvement in any organization or entity with any financial or nonfinancial interest in the subject matter or materials discussed in this manuscript. The authors have no funding to report.