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  "notes": "The slide uses a green arrow to emphasize the upward trend in margins since the global streaming launch.",
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      "text": "Netflix’s Streaming Operating Margins in Context",
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      "text": "Netflix continues to raise the bar in streaming profitability due to their relentless focus on driving engagement within a defined operating margin target. This contrasts with Disney’s vaguely-defined “double digit” margin target with no timetable.",
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      "text": "Because when we delight our members, we can drive more engagement, revenue and profit than the competition...Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow...",
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      "text": "Source: Company filings and transcripts, FactSet. Note: “Streaming Operating Margins” refer to EBIT margins for Netflix’s overall business and Disney’s Entertainment DTC segment. “24E” represents CY 2024 operating margin forecast guidance from Netflix management; Revenue forecasts represent consensus estimates.",
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