Content CostsKey risk: slowing member additions in developed markets, lesser ARPU growth, and higher-than-anticipated content costs.
Content ObligationsRisks include content obligations, transition to ad supported risks, potential content cost inflation, competition, net neutrality risk, stopped disclosing subscriber statistics, and regulatory and M&A risk.
Premium ValuationPremium valuation and broader market outperformance may weigh on Netflix shares.