Sign in

    Ben Swinburne • Morgan Stanley

    Ben Swinburne's questions to Netflix Inc (NFLX) leadership

    Ben Swinburne's questions to Netflix Inc (NFLX) leadership • Q2 2025

    Question

    Ben Swinburne of Morgan Stanley inquired about upfront advertising negotiations, how to reconcile engagement growth with per-member metrics, and the key learnings from the animated film 'K-Pop: Demon Hunters'.

    Answer

    Co-CEO Greg Peters reported that the US ad upfronts were nearly complete and in line with the goal to double ad revenue. He also clarified that per-owner-household engagement remains steady. Co-CEO Ted Sarandos highlighted the success of 'K-Pop: Demon Hunters' as proof of their strength in creating hit original animated features that can drive culture.

    Ask Fintool Equity Research AI

    Ben Swinburne's questions to Netflix Inc (NFLX) leadership • Q2 2025

    Question

    Ben Swinburne from Morgan Stanley asked about the key learnings from the success of the animated film 'K-Pop: Demon Hunters'.

    Answer

    Co-CEO Ted Sarandos expressed pride in achieving a major hit with an original animated feature, a category he described as very tough. He highlighted the importance of getting the mix of music and pop culture right. A key learning was the ability to generate enormous, standalone music hits from a film exclusive to the platform, demonstrating Netflix's capacity to 'pierce the culture' with original animation and its associated intellectual property.

    Ask Fintool Equity Research AI

    Ben Swinburne's questions to Netflix Inc (NFLX) leadership • Q2 2025

    Question

    Ben Swinburne of Morgan Stanley asked about the key learnings from the success of the animated film 'K-Pop: Demon Hunters'.

    Answer

    Co-CEO Ted Sarandos highlighted the success of original animation, a difficult category, as a key achievement. He noted that the film's ability to generate hit music that pierces the broader culture is a significant learning, demonstrating how content can create fandom that extends beyond the initial viewing experience.

    Ask Fintool Equity Research AI

    Ben Swinburne's questions to Spotify Technology SA (SPOT) leadership

    Ben Swinburne's questions to Spotify Technology SA (SPOT) leadership • Q4 2024

    Question

    Ben Swinburne from Morgan Stanley sought clarification on the drivers behind the Q4 gross margin outperformance and requested more detail on the expected gross margin cadence for the full year 2025.

    Answer

    CFO Christian Luiga attributed the Q4 beat primarily to content cost favorability. For 2025, he guided for full-year gross margin improvement, but at a more moderate pace than 2024. He noted that targeted investments in core offerings could create quarterly variability, but expects Q4 2025 margin to be higher than Q1 2025.

    Ask Fintool Equity Research AI

    Ben Swinburne's questions to Fox Corp (FOXA) leadership

    Ben Swinburne's questions to Fox Corp (FOXA) leadership • Q2 2025

    Question

    Thomas, on behalf of Ben Swinburne, asked about Tubi's growth trajectory, specifically its future investment needs and the timeline to profitability. He also requested an update on the progress of securing sports betting licenses in various states.

    Answer

    Executive Chair and CEO Lachlan Murdoch stated that investment in Tubi is decreasing as it scales and that it remains on track to reach profitability according to the original business plan. On sports betting, he confirmed they are pursuing licenses in 26 states, a process that is moving forward without significant hurdles, and highlighted the current value of Fox's holdings in FanDuel and Flutter.

    Ask Fintool Equity Research AI