Stratechery: Netflix earnings are 'fine' — and that's the problem
Stratechery·medium signal
Ben Thompson reads Netflix's latest earnings as befitting a mature company whose most exciting days are likely behind it, rather than a growth story. The analysis matters beyond streaming because Netflix is the reference case for platform maturity that AI-era content businesses keep being compared against. Thompson's framing of 'washed' is a maturity thesis, not a bear call on the quarter.