Member Mailing: Netflix's Failing Disney Ambitions Invite The Keeper Test for Co-CEOs Hastings & Sarandos

Stratechery’s Ben Thompson had a good interview last week with Michael Nathanson, media analyst and co-founder of MoffettNathanson. 

I think this interview is particularly valuable for their discussion around how growth will become more expensive for both Disney+ and Netflix. Specifically, the premise is that content investment is a fixed cost that is as…