I’m surprised that access to subscriber numbers was enough signal to generate alpha. Just off the top of my head, I can think of multiple public or semi-public

I’m surprised that access to subscriber numbers was enough signal to generate alpha. Just off the top of my head, I can think of multiple public or semi-public data sources that you could use as a rough proxy for Netflix subscription numbers. Think DNS logs, VPN providers, peering data, credit card transactions... and that’s without reverse engineering the app at all. I’m sure if you really dig into it you can find a few methods for estimating subscriber count. You don’t even need a count, just a well-distributed sample of delta. If Wall St estimates subscriber growth of 1%, but your model shows 5%, who cares what the exact numbers are?