Gm. I’ve been watching the new season of True Detective. Early judgment is that it’s not as good as Season 1, better than Season 2, and about equal to Season 3. What do you all think?

— Stephen Flanders

Netflix is a lot of things. Stagnant is not one of them.

At its peak in 2021, fueled by the pandemic boom, every founder and investor reading this newsletter wishes would come back; the streaming pioneer was worth an absurd $314B and pumping out weeks of original content.

But, the end of ZIRP resulted in blood for Netflix. Its market cap was only $78B in May of 2022, and they were losing subscribers for the first time ever.

Today, they are back at a $246B market cap and just added 13M subscribers in Q4. So, what changed?

Well, they really just got back to good business tactics:

It’s ironic seeing a streaming service win with the same tactics used by the cable channels it replaced, but perhaps that’s just the reality. Netflix is the only streaming service currently turning a profit, after all.

With a profitable business, a huge lead in subscribers, and the ability to create hits like no other, it’s hard to see how any streamer takes down Netflix anytime soon.

The Big Picture: For a company that originally focused on DVD-by-mail rentals, change is nothing new. It appears that a streamer/live programming giant is their next evolution.

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Raise: Motif Neurotech, a neurotechnology company developing minimally-invasive bioelectronics for mental health, announced a Series A round of $18.75M.

Stat: $2.99: How much you’re going to have to pay a month if you want to avoid ads on Amazon Prime Video, starting today.

Rabbit hole: Why Substack is Engineering Led, And Not User Design Led (Tech Made Simple)

If he can do it, anyone can.

I think I’m with the yes guys on this one:

For this week:

The best resources we came across this weekend that will help you become a better founder, builder, or investor.

🔥 Go and get your ads roasted.

🎯 When used correctly, AI can really improve your sales emails.

📚 YeyPin turns sharing links into conversions.

Me in class.

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