Content ObligationsRisks include ~$21B in content obligations, transition to ad supported risks, potential content cost inflation, consolidation among competitors, net neutrality risk, cessation of subscriber statistics disclosure, shrinking attention spans, and regulatory and M&A risk.
Margin PressureMargin pressure raises concern.
Valuation ConcernsThe stock has a stretched valuation, leaving it vulnerable amidst the dynamic competition and challenging macroeconomic environment.