This is not in-depth analysis but I've noticed something lately with Netflix:
\- I hardly subscribe / have anything to watch. I've subscribed to Netflix of the last 2 years. I've watched everything. New content sucks. Diddy documentary and new Knives Out movie. The whole purpose of a service like Netflix is to give users a convenient inexpensive alternative to pirating content. If there's 1 or 2 good movies a year, no one is going to pay $200 for that.
\- It has no moat. Amazon / Disney / HBO / Stan / Apple TV etc all provide the same type of platform with different content. There is no incentive for anyone to only subscribe to Netflix and not the others. In some cases like HBO, the content is better.
\- As an anecdote I just purchased my 60 something year old parents a month subscription to Netflix. I went through the content with them, looking through trailers of movies I thought they'd like. Dramas, thrillers, academy award winning movies. They hardly were enthused. Later in the evening when I went on youtube to watch Mr Beast, they liked his content. It's reality tv slop, but at least it's attention grabbing.
What do you guys think? Value stock or trash?