Who else is making Netflix money? Their catalog is currently so small and bad that it makes no sense to keep an account per person. Proliferation of streaming services doesn't help - individually, none of them is worth paying full price per person or household.
Netflix grew 4.9% YoY in Q1. They have introduced an ad-supporter tier, so it’s now advertisers that foot some of the bill for content in addition to subscribers and investors.
To your point about paying full price —- it would be interesting to have a breakdown of the number of “evergreen subscribers” vs “fair weather subscribers,” but I’m not sure Netflix would be willing to share such a breakdown. This would tell us whether a majority of its subscribers think of the basic value of the service.
