THB #575: Netflix Day, Q2 2024

July 18, 2024

It’s funny how uninteresting this bit of quarterly analysis has become.

Netflix has added 56 million subscribers in the last 2 years.

Now consider the rest of entire market for Streaming.

Disney - 120 (plus Hulu @ 50m, ESPN+ @ 25m)
Max - 100m
Par+ - 70m (Starz @ 16m)
Peacock - 35m

Amazon - 200m+
AppleTV+ - est 25m

So just the growth at Netflix remains a very positive story. Through those last 2 years, what the growth drivers have been have changed and continues to be fluid. We are now squarely in the early days of the drive-to-ad-based-streamers-as-dominant moment.

European (EMEA) passed US (UCAN) on Subscriber Count in Q3 ‘22. But the EMEA ARPU peaked in ‘23 and has been pretty much flat since. UCAN ARPU peaked just last quarter and is down this quarter.

The UCAN market delivers $17.17 per household per month, EMEA $10.80, Latin America (LATAM) $8.28, and APAC $7.17.

Punchline… UCAN is now the #2 market for Netflix subs, but is #1 in revenue by 43%.

So in a weird way, Netflix is facing a simi…