Netflix's New Chapter
I&#x27;m gonna attempt to break this down:<p>- Netflix has 5-6 Billion USD free cash flow, and because they got what debt they do have under favorable terms, they are positioned to retain most of that free cash flow<p>- Disney, Comcast (Peacock), CBS&#x2F;Viacom and other media corporations are saddled with debt, and are all losing money on their own independent streaming businesses. Likely untenable in their shareholder model<p>- Therefore, Netflix needs to do what it can to retain &#x2F; attract subscribers, but essentially can wait until the other services have to give up due to cost<p>In a nutshell, Netflix is poised to play more long game, due to cost structures of their competitors.<p>so fair, sounds good, but it assumes the boards &#x2F; leadership of these companies won&#x27;t also play a long game, seeing some sort of profitability horizon is they cannibalize their existing businesses for sticky services (like streaming). I could see Disney doing this, to some extent, with their cable TV channels and movies. I&#x27;m less bullish on Comcast&#x2F;NBC, CBS&#x2F;Viacom or really any other media company being able to do this, simply because they don&#x27;t have the &quot;staying power&quot; Disney does.<p>This also fails to account for the strength of HBO Max (very strong sub numbers)