https://commonstock.com/post/80c25c95-160a-473f-81a1-7e9373573340 by @tsoh_investing

I haven't seen this losing ground to competition argument so won't comment on that. Don't necessarily agree to that either. But to digress from the HBO post, I feel $NFLX has other problems.

My biggest concern with $NFLX is that it really cannot afford a subscriber slowdown at this stage. The bull case for $NFLX (as a business, not investment) is that it needs more and more stable subscription revenue to keep coming in, that'll allow it to increase its production budgets to create content globally, and still be able to function like a profitable, mature business.

If the subscribers slow down in these times of heavy competition, that becomes a death spiral of low subscription revenue, lower content budget, even lower retention rates due to mediocre/light content and so on.. And that'll be a spiral which would be very hard to control. One strategy to counter these content budget increases is to scale back from the number of geographies it enters, thereby scaling back the different types of content it has to create simultaneously. I don't know how good will that strategy by, in these land-grabbing times in streaming.

I also do not think $NFLX is untouchable as a media source that it can go on increasing prices to buy growth, as it has been for a few years. We have so many options to get content nowadays that no one platform really has an edge. If any platform does have some kind of an edge, it'll probably be the free one, $GOOGL's Youtube.

So I think $NFLX definitely has a lot to think about, and how much of that can be fixed by their ad-supported tier? No idea. But for those reasons, I'm out :)