Market PositionNetflix is the top SVOD service in the five largest markets in Europe (Germany, UK, France, Italy, Spain), followed by Amazon Prime Video and Disney+ in most markets.
Market ValuationEven with a 30% deceleration in EMEA subs growth and flat ARM, Netflix is believed to be worth comfortably north of $1000 in a stable market.
Subscriber GrowthMost of the value will be driven by its 300 million+ base subscribers and recent price hikes, with perhaps some help from advertising and FX.