One of the companies that should deserve more attention is Netflix. Here’s an interesting thing happening to them, from the earning calls (16th of July 2026):
On a related point, Rich Greenfield asks, while it's only been a few weeks, the integration of TF1 in France, is that integration driving higher engagement for Netflix, including non-TF1 content? Do you think there is a meaningful opportunity for Netflix to become a distributor or platform for third-party streaming services around the world?
Gregory K. Peters (Co-CEO, President & Director): Yes, I can take this one. Since the very beginning when we launched our streaming service, we’ve always sought to expand the entertainment offering we’ve got in that service. We wanted to provide more value for our members. Our members consistently tell us that they want more from us. We see that in sort of usage behavior. We see it in any kind of testing or modeling we do around the space. And I would say that fulfilling on that customer desire for more has really been the driver for growth for our business for the last two decades.
This partnership with TF1 is yet just another approach to expanding that offering. We’re just adding to the range of capabilities that we have to do that and the mechanisms we have to do that. We’ve built a leading streaming entertainment service by combining an unparalleled selection of high-quality programming, best-in-class product experience. We’ve got a global footprint, big reach and the ability then to deliver huge audiences, deep engagement, industry-leading monetization. So whether through licensing or through new partnerships like TF1, we believe that we can help other producers, other services maximize the value, the relevance of the content that they invest in by finding those bigger audiences. And we have many, many examples of this effect, including now in this new model with TF1.
We also believe that such partnerships are good for our members. They enhance the variety of our offering. They’re also effective for our business. And it’s early in the TF1 partnership. We’re literally four weeks in. So there’s a bunch that we’ll learn through this process, but we are pleased with the performance we are seeing in that integration. We’ve been able to enhance our already compelling service for our French members with even more local French programming, programming we know that they want to watch. We’ve seamlessly integrated the TF1 product experience in a way where it supports their brand, but it also keeps things distinct. And we actually think this approach is advantageous for both them and for us. And the early results from how members are reacting, how they’re interacting are very promising.
So we don’t have anything new to announce today. We’re going to continue to learn. There’s a lot that we’ll dig into over time. We also think that there’s a lot we can improve in the product experience already that we’ve seen. But if we see additional deals that similarly serve our members that work for our partner, that work for us, we’ll certainly consider them.
I have written in July about Netflix. What the company seems to be doing is:
Netflix is evolving from streamer to aggregator. If Netflix starts distributing Peacock, Fox One and other services inside its own interface, it can own the customer relationship, take a cut of third-party subscriptions and turn its massive installed base into distribution infrastructure for the rest of Hollywood. That is Amazon Prime Video’s playbook, now applied by the strongest pure-play streaming platform.
The moat can widen because everyone else has the problem Netflix already solved. Smaller streamers struggle with customer acquisition, churn and scale. Netflix has global reach, habitual usage and a product people already open. The more third-party content sits inside Netflix, the less relevant competing apps become. Netflix could gradually become the default interface for television rather than merely one destination among many.
The missing piece is the free market. The strongest criticism is that Netflix has largely saturated paid streaming while FAST and free ad-supported television remain major growth areas. Buying Roku could have given Netflix another distribution layer and a much larger advertising funnel. That opportunity appears gone, making third-party aggregation the next-best strategic move.
I remain optimistic about Netflix, but attention is the risk I would watch most closely. Netflix has won the streaming war, yet it is competing for something scarcer than subscriptions: human attention. TikTok, YouTube, Instragram, gaming and increasingly AI-native entertainment are training consumers toward shorter, more interactive forms of media. Netflix can aggregate every streaming service in the world and still lose engagement if people increasingly prefer 30 seconds of stimulation to 30 minutes of television. The investment question is therefore shifting from “Can Netflix win streaming?” to “Can long-form video keep its share of human attention?”
Until we start to see something in this direction, the verdict remains: HOLD
“Where is my moat?” is designed for individual readers, though the occasional forward is absolutely fine. If you’d like to set up multiple subscriptions for your team with a group discount (minimum 5 seats), reach out to me directly.
Thanks for your support & have a wonderful day
