Netflix is a global subscription streaming service offering on-demand TV series, films, games, and live programming across virtually every internet-connected device. Netflix generates revenue almost entirely from monthly membership fees, with plan tiers ranging from an ad-supported option at $7.99/month in the U.S. to premium ad-free plans. Revenue growth is driven by subscriber additions, periodic price increases, and a growing advertising business built on top of the ad-supported tier. Netflix's content strategy centers on original productions — scripted and unscripted series, films, documentaries, and stand-up specials — produced across 50+ countries, alongside licensed titles from major studios including Sony, Universal, and Paramount. Key franchises include Stranger Things, Wednesday, Squid Game, and Bridgerton. Netflix is expanding beyond scripted content into live events (boxing, NFL, WWE), mobile and cloud gaming, and video podcasts. Netflix is also building a proprietary ad tech stack to improve targeting and fill rates as advertising becomes a larger revenue contributor. Netflix's business model has a flywheel dynamic: content investment drives engagement, which drives subscriber acquisition and retention, which funds further content investment. Netflix's primary cost is content, with roughly $18B in annual cash content spend, and management targets growing content spend more slowly than revenue to drive margin expansion. Netflix has announced a pending acquisition of Warner Bros. Discovery, which would add HBO, a TV studio, and a theatrical film distribution business.