Investing Experts There is no streaming war
Dec 23, 2025
Dan Rayburn, a streaming and media industry analyst, delves into crucial insights on investing in streaming services. He emphasizes the importance of focusing on concrete financials over speculation, especially concerning major deals like Warner Bros and Netflix. Rayburn discusses the fragmented nature of NFL streaming and critiques the lack of standardized metrics for assessing sports viewership. He urges investors to prioritize key metrics like profitability and content spend. Finally, he redefines 'TV' as a user-perceived concept, highlighting the diverse strategies of major platforms.
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Ads Will Drive The Next Growth Wave
- Ad revenue will increasingly drive streaming growth, especially for Netflix as it builds its ad stack.
- Services will need to disclose subscription vs. ad revenue splits over time.
Big Events Are Small On U.S. Streaming
- High-profile event popularity on traditional TV often doesn't translate to large streaming audiences.
- Examples: World Cup and F1 streaming peaks in the U.S. were far smaller than many assume.
Judge Services By Corporate Strategy
- Evaluate streaming services in the context of their parent company's core business and goals.
- Treat Apple or Amazon streaming losses differently than Netflix because their strategic math differs.