Hello everyone. We have a media / video streaming Tuesday on tap for today’s update. We will begin with Netflix earnings. The Netflix narrative is quickly shifting to advertising. That will lead to a few other streaming-related news items.

Netflix Earnings

Last week, Netflix reported 1Q23 earnings.

The good news for Netflix is that 1Q23 marks the third consecutive quarter of subscriber gains. Price cuts outside the U.S. and the launch of an ad-supported tier in a number of countries are offsetting higher churn from a still limited crackdown in password sharing. Netflix will start the password sharing crackdown in the U.S. soon.

The following exhibit looks at overall subscriber growth trends.

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