> We were evolving from a model that was really simple. Literally there was like X times Y and you got to the business and as we were doing things like introducing extra members, so you’ve got different membership components. Obviously ARM [Average Revenue per Membership] looks very, very different across the world. (...) And then the advent of advertising revenue, (...) which is not directly captured by that math.
> We see some live, WWE is a perfect example, which really, it’s a retention driver. You’ve got a core fan of folks, (...) and that supports improvement and retention. Then you have these other live events that are really more about this cultural conversation. (...) Coming up is an amazing free climber who’s going to free climb Taipei 101. (...) “Why do NFL on Christmas?” — because that’s a special moment to do NFL.
> We believe in two things, capitalism and that users first. (...) If you don’t want to subscribe, we should make it easier for you to not subscribe. (...) We could do a bunch of definitely short-term optimizations that would work for quarters, but it would be bad for the business. And so, it’s just being disciplined that you got to have a long-term view and not do those shortcuts and really win for the long-term.
> I think of the UI and the UI capability essentially is a force multiplier on the content offering we have. If we can make that 5% better, then all of that spend, all of that investment that we make has that return and that compounds with the ability to invest more in that content space, so we can add more that goes into a more efficient engine.
> [There’s] three big centers of value that come from [buying Warner Bros.]. One is there is a component of theatrical that really works and is complementary. (...) We see that because we do this with Pay-1 deals. (...) The production side of things. (...) And then you also get to the HBO service brand. (...) We think that that is an [opportunity] (...) to think about how we assemble plans and build the capability to actually give different folks what they want.
> I do think that if you put your finger on one thing, there’s quite a library. (...) Right now, it’s not getting as much viewing as it could, we know we can drive more viewing on it. (...) It’s fair to say it’s probably right for folks to bring some skepticism around our ability to execute a big integration. (...) We’ve never run a theatrical business before. That’s fair, that’s a totally fair comment, but we’ve got a team that’s done that.
> YouTube is now doing NFL games too, it’s going to do the Oscars, you can watch long form movies and series on it, the BBC just did a deal with YouTube in the UK as well as Channel 4 and ITV. (...) Professional becomes a little bit of a subjective term. (...) The skill at storytelling at the highest level in the human population, I think of that as a fairly rare commodity. (...) Our model allows us to compete more effectively for those world-class storytellers.
https://stratechery.com/2026/an-interview-with-netflix-ceo-greg-peters-about-engagement-and-warner-bros