"In Q3 FY23, Netflix reported 11% YoY paid subscriber growth. This return to double digit volume growth, an outcome that some may have said they’d never achieve again if you had asked them 12-18 months ago, is a testament to the clarity of Netflix’s long-term strategic vision, its sustainable competitive advantages, and the tailwinds of structural change in the media industry (despite some blips along the way). As we approach the end of 2023, it’s worth taking a step back to frame where Netflix stands: they will exit the year with more than 250 million paid subscribers globally. Those members pay the company ~$11.5 per month, on average, to access a massive library of content across every vertical of entertainment programming (something for everybody in the household). Those subscribers are the foundation for a business that generates ~$35 billion in annual revenues and ~$7 billion in annual operating income (run rate). And yet, despite all that Netflix has accomplished over the past decade, the movie is just getting underway; as we look to the future, I believe massive opportunities remain for Netflix."