The investment firm noted Netflix's substantial subscriber base, which funds an annual content budget exceeding $17 billion, a scale smaller competitors cannot match. Fundsmith also highlighted Netflix's 8% share of US TV screen time and growth potential from its ad-supported tier (250 million monthly active users), password sharing crackdown (adding 41 million subscribers), and expansion into live sports and international markets. The firm added that many streaming rivals are failing or losing users, creating an opportunity for these customers to return to Netflix.