Welcome back to What I’m Hearing+, live from Brooklyn for the next few days before I’m off to San Francisco. (I’ll have some time to see folks if you’re interested in grabbing a coffee!)
This week, a note on Netflix’s upcoming Q3 earnings and the hard questions surrounding its ad business—a leading indicator for Wall Street as the streamer transitions from the subscription pure play era to a model that looks a lot like… traditional TV.
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Yes, it’s been a rocky start for the streamer’s ad-supported tier, but with a young audience and permission to charge high CPMs (at least for now), the biggest key to overall success may be pursuing an “opt-in” strategy while others look at an “opt-out.”
It wasn’t all that long ago that Wall Street basically only cared about one metric when it came to Netflix: total active subscribers, followed perhaps by projected subscriber growth. Over its decade-long astonishing ascent, acronyms like ARM or ARPU (both of which mean basically the same thing) entered the cultural-financial lexicon, as analysts pondered the size and scope of...
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