WBD - Ensemble Fund - Netflix: Best Days Are Still Ahead
2024-02-07 04:30:00 ET
Summary
- From peak to trough, Netflix went from a market capitalization of $300 billion to just $75 billion.
- Netflix continued investment in its nascent games business has the potential to expand the TAM even more.
- Our belief that Netflix had the right strategic approach to building this business persists.
The following segment was excerpted from this fund letter.
Netflix ( NFLX )
We last discussed Netflix three years ago. At that time, five months into the COVID pandemic shutdowns in 2020, Netflix had added 26 million new subscribers to its service and went on to add 10 million more for a total of 36 million, ending the year with 204 million subscribers. Then in 2021, the company added 18 million subscribers culminating with 8 million new subscribers added in 4Q 2021, aided by the global success of the Korean-produced show Squid Game....
Ensemble Fund - Netflix: Best Days Are Still Ahead