Advertising RevenueNFLX's advertising business is projected to expand significantly, with advertising revenue expected to double, reaching $3.2B in 2025.
Market PenetrationInt’l market penetration has gone up steadily over the years, and most markets are still under-penetrated.
Subscription GrowthNetflix's top-line growth, driven by subs, far exceeds content spend growth, leading to expanding margins that are already best in class.