Julia Alexander

I think about this a lot with advertisers.

And of course you spend a lot of time thinking about ads and talking to advertisers and you never can promise the ROI, right?

Even if you're saying this, we have 325 million subscribers.

We have 190 million monthly active users on our ad supported tier.

Whether or not those ads are reaching people, unclear.

And advertisers don't know.

But the fact that they are seeing engagement with something like Batman, and maybe there's four ads on Batman, the hope is that, OK, well, maybe somebody is watching this, not in the background, and they are going to look up.

And so I think the question for Netflix really is,

is this going to be valuable for us in this race against YouTube and other potential mega streamers, which they also saw with Paramount.

The threat from Paramount was that, okay, if Paramount comes in and buys the Warner Brothers Discovery Library and keeps it exclusively, what does that do to our business?

Is this more of an offensive or defensive strategic move from Netflix?

The fact that having Batman and Paramount not having it or someone else not having it

at the same time that they're trying to compete for slivers of attention with YouTube, I think is a win for Netflix.

Now, is it a win at $83 billion?

I don't think that's true.

I think that's why the stock is down.

It feels pretty done.

It feels like it's 99% there.

I mean obviously there's the regulatory affair, which is where Larry Ellison and whoever else might want to help push –

People like the Trump administration or whoever he's talking to and making this a little bit harder for them or making it a little bit easier for Paramount.