ABOUT THIS EPISODE
It’s becoming increasingly inaccurate to describe Netflix simply as a streaming service. Alongside its core subscription business, it is building an advertising operation, experimenting with live sport and events, expanding into games and podcasts, revisiting theatrical releases, and even exploring a role as a platform for other broadcasters and content providers.
So, in this episode, I speak with Alicia Reese, SVP of Equity Research at Wedbush Securities. Over her 17 years with Wedbush Securities, she has covered a variety of sectors, with a primary focus on the movie and entertainment industries. She currently covers theatrical entertainment companies, such as AMC, Cinemark, IMAX, and National CineMedia; streaming-focused companies, such as Netflix, Roku, and Fubo; consumer products companies such as Logitech, Corsair, and Turtle Beach; and media companies related to video games, such as Nintendo, Take-Two, Ubisoft, AppLovin, Unity, Roblox, Double Down Interactive, Playtika, and CD Projekt. Alicia began her career in finance as a data and collateral analyst at Countrywide Securities. Alicia received her B.S. degree in Mathematics/Economics from UCLA.
Alicia speaks about what Netflix is becoming, and how investors should think about the next phase of its evolution. We explore:
- why raw viewing hours may be a misleading way to assess Netflix’s health
- the significance of its shift from subscriber growth towards profitability, engagement and reduced churn
- how the ad-supported tier is changing subscriber behaviour
- Netflix’s deliberately low advertising load
- where the next leg of advertising growth could come from
- Netflix’s emerging platform strategy
- the role of live sport as an acquisition tool
- games and podcasts as engagement layers
- the significance of its TF1 partnership in France
- Netflix’s tentative return to theatrical distribution
Finally, we talk about what all this change means for people building careers in media — including the growing importance of AI literacy, marketing and performance marketing, and maintaining a broad view of the companies and capabilities sitting around the traditional media sector.
Here are the applicable disclosures relating to Alicia and Wedbush Securities:
1. Security discussed: NFLX (Netflix)
2. Alicia Reese ownership: None
3. Family/related accounts ownership: None
4. Firm ownership greater than 1%: No
5. Wedbush is a market maker in NFLX
6. Wedbush publishes research on NFLX
7. Wedbush has not provided investment banking services to NFLX during the applicable disclosure period
Here are some further links:
Alicia on LinkedIn: https://www.linkedin.com/in/aliciareese/
Wedbush Securities: https://www.wedbush.com/
The Enders Analysis report references in the episode: https://www.endersanalysis.com/reports/netflix-q2-2026-tackling-engagement-narrative
