JPMorgan analyst Doug Anmuth remains positive on Netflix following the formal announcement for rights to Christmas Day NFL games and the 2024 upfront presentation. The firm is encouraged by the company’s 40M advertising tier monthly active users, which it believe tracks ahead of its Q2 ending ad subscriber estimate of 19M, assuming two viewers per member. The firm adds that NFL fandom features a highly engaged and passionate global audience. Yesterday’s announcements show solid progress in Netflix’s multi-year journey toward a scaled advertising tier, and highlight its growing focus on differentiated live content, contends JPMorgan.
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