Counterpoints: - Average person lives in a household of 4.9 people[1], which means market size isn't 5 bil but closer to 1 bil - Plus, the household needs bro

Counterpoints: - Average person lives in a household of 4.9 people[1], which means market size isn't 5 bil but closer to 1 bil - Plus, the household needs broadband internet, which rules out vast swaths of the world today, brining down addressable market further - Many of the hundreds of millions of households not signed up are in markets like India, where the price is like 20% of the price in the USA or Europe; so a 100% increase in membership might only mean a 33% increase in revenue - Further, if you capture the Indian and Nigerian and Indonesian markets, sure you have more revenue (say +33%) to spend on more content, but a lot of that content will need to be Indian content and Nigerian content and Indonesian content, so the actual increase in content spend relevant to you will much much less than 33% In conclusion, I think a +500% increase in spend on content you're interested in is not a plausible outcome of everyone on Earth signing up for Netflix. It's probably an order of magnitude less, like +50%. [1]: https://www.pewresearch.org/fact-tank/2020/03/31/with-billions-confined-to-their-homes-worldwide-which-living-arrangements-are-most-common/ https://www.pewresearch.org/fact-tank/2020/03/31/with-billio...