$NFLX exploring different ways to provide its content via channels and different bundles. Per WSJ, this is a response to softer engagement trends and declining TV viewership market share (now at 12 month+ lows). I know this has been a darling for quite some time… but I do think these struggles will continue. Google, Apple & Amazon (& now Meta?) all continue to push further into entertainment. And? They don’t need to make any money on these libraries. They can operate at razor thin margin & use this as a vehicle to cross-sell more things/ads to consumers. Netflix does not have that luxury. They have to compete with several of the richest companies in the world and do so more profitably. This (I think) belongs in the too hard pile.