Toby Howell

Also, Netflix has done very well licensing standout content from other content studios.

Why do they need to change up that model now?

Why do you suddenly need to own this IP?

So these are some of the reasons why I called this

a dark cloud hanging over their pretty good financial performance is because it just doesn't vibe with what Netflix has been over the course of its career.

Thrandos and co have basically said, we can adapt, we can change.

This is a great studio.

We can move into the movie business.

Like we're not this inflexible monolith of a company.

We can adapt, but still that is part of the reason why you're just seeing such bad vibes around the stock right now, even as it's doing pretty well as a company.

All right, we're going to take a quick break and come back and talk about why no one's drinking alcohol anymore.

Time for our Morning Brew Daily Davos update with Lightspeed.

We are joined by Lightspeed co-founder and partner Ravi Matra.

Thanks, Ravi.

There really does seem to be a shift going on.

Morning Brew Daily is live from Davos all week in partnership with Lightspeed.

Pour one out for the alcohol industry and then pour a few more out because spirits are low in spirit right now.

Five of the biggest publicly traded spirits groups from Diageo to Campari are sitting on record levels of inventory right now as no one is buying what they're selling.

Collectively, the group is holding $22 billion worth of product, the highest inventory levels in more than a decade, according to reporting from the Financial Times.

That inventory is dominated by all the stuff that was on your parents' top shelf as a kid,