Greetings from Cannes, France, where I’m speaking at the MIPCOM television conference, and welcome back to What I’m Hearing+, my weekly dispatch focused on the streaming industry and the analytics behind it all. If this email was forwarded to you, click here to subscribe.

Tonight, some observations on Netflix’s surprising earnings report—and why adding an advertising tier will change more than just its revenue model.

But first…

1. Peacock’s ‘Halloween’ Bet: NBCUniversal stuck to the day-and-date release strategy for Halloween Ends, and is now touting the film as the most-watched title in a two day period on Peacock. This kind of anecdata is almost useless, but consider that SambaTV reported 1.2 million households tuned into the 2021 installment, Halloween Kills, within its first 48 hours, so we can presume that Ends exceeded that. The performance may have cut into the film’s theatrical box office revenue, which missed expectations by a range of $5-10 million. That said, it’s still a win for NBCU. At $40 million domestic, Ends is at least a sign the industry is figuring out a hybrid future. It is also a potential lifeline for Peacock, which is struggling to find subscribers but has seen jumps when box office hits, like Jurassic World: Dominion or Minions: The Rise of Gru, are released. Not every movie should go day-and-date...

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