This is Jesse Pujji and today we're breaking down Netflix, the pioneer in entertainment streaming. Founded in 1997, Netflix has evolved over the years to become the leader in streaming entertainment with over 200m subscribers globally. To break down Netflix, I'm joined by Ben Weiss, the Chief Investment Officer of 8th & Jackson. In this breakdown, we go into detail on Netflix, from their culture and tech advantages to how content drives the business to how they may start generating substantial free cash flow in the future. Please enjoy this Business Breakdown of Netflix. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt   Show Notes [00:02:14] - [First question] - What Netflix is and their size and scale today [00:03:49] - What portion of their content is original versus pre-existing licensed content [00:05:01] - Netflix’s founding story and the three stages of their evolution  [00:07:06] - Their culture and leadership from an investor’s perspective [00:08:50] - Examples of courageous decisions Reed Hastings made  [00:10:08] - Overview of the streaming market and how it’s impacted Netflix [00:11:28] - How to think about the competitive landscape as it exists today   [00:15:36] - Overview of their P&L starting from revenue and working down to EBITDA [00:17:51] - Thoughts about unit economics and customer churn  [00:20:28] - Evaluating how much pricing power they have  [00:22:47] - How much headroom there is in the US for incremental subscription growth  [00:25:43] - Other big revenue drivers and potential opportunities to sustain their trajectory  [00:27:21] - The impact on Netflix’s churn rate when Disney Plus launched  [00:28:31] - Capital allocation and profits spent producing original content  [00:31:25] - Content spend compared to their competitors and the economics of licensing existing content  [00:36:09] - Noteworthy numbers and strategies when it comes to marketing  [00:38:19] - R&D spend and technology advantages that Netflix has [00:45:34] - Other unique aspects about Netflix that are worth mentioning   [00:46:44] - The bull case for Netflix and what would allow for their continued success [00:49:54] - The biggest risks for Netflix and the bear case for the business  [00:51:12] - Lessons for builders and investors when studying Netflix’s story [00:55:10] - Where to go to learn more about Netflix

This is Dom Cooke and today we’re breaking down Harvard Business Publishing. The media arm of Harvard’s world-famous business school was founded in the early 90s, but the seeds were sown a century ago, in 1922, when the first edition of the Harvard Business Review was printed. 100 years on, this secretive business has been through significant change. But the roots of influencing managers through academic research remain firmly intact. And despite its not-for-profit status, Harvard Business Publishing generates an impressive and growing income stream for its parent institution. To explore the business, I’m joined by our Colossus CEO, Matt Reustle. Please enjoy this breakdown of Harvard Business Publishing.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt   Show Notes [00:02:19] - [First question] - A one hundred year old business that no one will talk about on the record, and their size and scale today  [00:04:54] - The history of the business from the 1920s leading up to today  [00:07:49] - What happened in the 90s and how that changed the trajectory of HBP [00:09:24] - Changes over the past twenty years given the decline of print media  [00:14:08] - Detailed overview of HBP’s business model and offering case study access to the public [00:21:19] - What else is published by them and how they monetize those offerings [00:25:05] - How they interact with their parent groups, who owns them, and their relationship with them   [00:28:24] - Who reads the content they publish and who their customer base is [00:30:05] - Which brand is more influential to which business and thoughts on their brand overall [00:35:59] - When they first put up a paywall for their content and how successful it was  [00:39:24] - Anything they’ve done from a tech perspective that’s unique and noteworthy  [00:41:27] - Factors that will contribute to their continual future growth   [00:42:54] - Potential risks to Harvard Business Publishing in the years ahead  [00:47:48] - What Matt’s learned from studying HBP so closely for this episode