Don't see any other streamers competing with Netflix, says Wedbush's Alicia Reese

Netflix Performance & Subscriber Growth - Netflix exceeded expectations in both revenue and earnings, driven by strong subscriber growth and advertising sales [1] - Netflix's subscriber growth and average revenue per user are performing well, demonstrating elasticity against price increases [3] - Netflix's engagement per person has decreased from 65 hours per month to over 50 hours per month since 2023, but remains substantial [7] Content & Engagement - "Squid Game" is a significant driver of engagement for Netflix, with viewership of previous seasons increasing with new releases [5][6] - Netflix's strategy of sourcing content globally and leveraging it across markets is expected to drive continued engagement [6] - Content remains a critical factor for success, with a need for hit series to drive viewership [4] Competition & Market Dynamics - YouTube and Netflix dominate viewership, but YouTube is a significant competitor for user time [9] - YouTube's growth in US screen time is primarily driven by Shorts, which may be impacting Netflix's time to some extent [10][11] - The media landscape is in flux, with potential consolidation among smaller streaming players [13][14] - The shift from linear TV to streaming is accelerating with the movement of sports content to streaming platforms like Apple and Amazon [15][16] - Advertisers are increasingly leveraging the targeting capabilities of streaming platforms, making it challenging for linear TV to compete [15]