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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "kind": "callout",
      "text": "Netflix’s advantaged streaming model is similarly taking share from international Pay TV, which positions the company for continued long-term growth",
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      "text": "As the scaled market leader with constantly refreshed “content for everyone”, Netflix is steadily increasing market share of total video revenues",
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      "text": "(1) Total TV and video revenue consists of total traditional Pay TV, over-the-top linear TV and subscription video streaming revenue. Source: Digital TV Research. Subscription video streaming revenue excludes any contribution from Prime Video as the vast majority of Prime Video subscribers are not monetized on a standalone basis. Note: Assumes Netflix U.S. revenue accounts for approximately 90% of UCAN segment revenue.",
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