The bear case for Netflix is once again the “DropBox problem”. Streaming services is becoming a feature not a product.

When Disney creates a movie. It can monetize the movie across its entire “flywheel” - movie theatres, video on demand, licensing to third parties, toys, theme parks etc.

It’s streaming content has already made a billion in the box office before it ever hits streaming. Streaming is additive.

Netflix paid millions of dollars just for the rights to the “Knives Out” sequel for instance only to make a pittance in limited release and then go to streaming.

The same is true for the other players.

That’s not even to mention Apple, Amazon and Google who are playing a completely different game.