Netflix: The Original

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[00:02:14] - [First question] - What Netflix is and their size and scale today

[00:03:49] - What portion of their content is original versus pre-existing licensed content

[00:05:01] - Netflix’s founding story and the three stages of their evolution 

[00:07:06] - Their culture and leadership from an investor’s perspective

[00:08:50] - Examples of courageous decisions Reed Hastings made 

[00:10:08] - Overview of the streaming market and how it’s impacted Netflix

[00:11:28] - How to think about the competitive landscape as it exists today  

[00:15:36] - Overview of their P&L starting from revenue and working down to EBITDA

[00:17:51] - Thoughts about unit economics and customer churn 

[00:20:28] - Evaluating how much pricing power they have 

[00:22:47] - How much headroom there is in the US for incremental subscription growth 

[00:25:43] - Other big revenue drivers and potential opportunities to sustain their trajectory 

[00:27:21] - The impact on Netflix’s churn rate when Disney Plus launched 

[00:28:31] - Capital allocation and profits spent producing original content 

[00:31:25] - Content spend compared to their competitors and the economics of licensing existing content 

[00:36:09] - Noteworthy numbers and strategies when it comes to marketing 

[00:38:19] - R&D spend and technology advantages that Netflix has

[00:45:34] - Other unique aspects about Netflix that are worth mentioning  

[00:46:44] - The bull case for Netflix and what would allow for their continued success

[00:49:54] - The biggest risks for Netflix and the bear case for the business 

[00:51:12] - Lessons for builders and investors when studying Netflix’s story

[00:55:10] - Where to go to learn more about Netflix