ARM Growth ChallengesUS ARM growth has been healthy at ~6%, but FX headwinds erased much of the gains, and the ad-tier, while driving subscriber growth, has been dilutive to ARM growth since launch.
Disclosure ChangesNetflix will no longer disclose subs or ARM, leading to a shift in investor focus to revenue growth as the primary KPI.
Price SustainabilityContinuing to raise prices while providing the same utility value will not be sustainable in the long term.