By Hernan Lopez.
Companies mentioned: Alphabet, Amazon, ByteDance, CBS, Collective Artists Network, Deezer, Disney, Fox, Google, iQIYI, LionTree, Meta, Netflix, NBCUniversal, Paramount Skydance, Roku, Samba TV, TikTok, UFC, YouTube.
Questions answered: How do Netflix's four overlapping S-curves stack up, and what's the fifth? Whose TAM is bigger: Netflix's or the creator economy's? How much does the average Netflix advertiser spend a year, and what does that tell us about how to grow streaming advertising?
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“We’ve captured about 7% of addressable revenue; this is in countries and categories that we currently directly participate in. We now estimate that number at $670B in 2026, and that grows, year-on-year.” That was Greg Peters at the top of Netflix’s most recent earnings call, aware that Netflix’s EV had dropped from $460B to $420B shortly after reporting solid Q1 results. Netflix had reaffirmed, not raised, full-year guidance.
Large-cap companies rarely talk about their Total Addressable Market (TAM) outside of investor day presentations...