It looks like they're hitting maturity, they keep raising their prices, and now in order to maintain a level of subscribers they have, they continually add more and more new content, and content is inherently a hard business to predict with peaks and valleys.

Michael Nathanson

It's like building a theme park. You have to build a service in advance that people want to subscribe to, the market and Disney both understand that you need to suffer upfront losses if you want to be in the business at scale.

Michael Nathanson

Wall Street just paid people for subscribers, and because it paid people for subscribers, companies did not care about the economics, they were willing to do whatever they could to chase subscribers.

Michael Nathanson

The streaming wars are over because subscriber growth has come to a halt, you're fighting a war in a land that has no more resources in it.

Michael Nathanson

They're going to make it harder for people to share with their family, make it hard for people to watch in multiple locations... If you choose it, have advertising interrupt your content, so the original consumer proposition, which was incredibly great value, is now flipping on its head.

Michael Nathanson

What I worry about is that the goodwill that they've built over the years... dissipates over time when they do things that should be more consumer unfriendly, all the incredible value and goodwill that they built is at risk of being jeopardized.

Michael Nathanson

The intensity of competition is going to pick up in 2022, you have sports being rolled out on streaming. You have Lord of the Rings coming from Amazon( AMZN). You've got Discovery and HBO Max merging, so more content there. And Disney's backend content slate is coming.

Michael Nathanson

As talent and a talent representative, how do you measure and how do you monetize success ? the metrics have to change... Box office is an easy metric. The data comes out. It's really hard with streaming to actually know what's a success or not.

Michael Nathanson

We're in a bit of a transitional period where the contracts that were struck did not anticipate this type of change in strategy, i would think going forward from this point on every new contract will have to include language that figures out a way to compensate the talent for the potential of a direct-to-video, a direct-to-streaming watch.

Michael Nathanson

Basically you're going to clean up some subscribers that are free riders, that's going to help them get to a higher level of penetration, definitely, but not in long-term.

Michael Nathanson

If you hit a wall with [ subscriptions ] then you pretty much don't have a super growth strategy anymore in your most developed markets, what can they do to take even more revenue out of the market, above and beyond streaming revenues ?

Michael Nathanson

We just worry that last week’s news flow will remind advertisers how dark of a sewer that Twitter’s environment truly is.

Michael Nathanson

It's probably their most important single asset.

Michael Nathanson

I think everyone's looking for an edge on subscribers, these stocks trade on subscribers.

Michael Nathanson