Netflix reports earnings as the rest of the streamers are quickly looking to catch up

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(Hopefully) good morning! It wasn't that way for plenty of you yesterday thanks to AWS' outage. From rogue Alexa devices to issues ordering ahead at Starbucks, here's everything that went wrong. One group had a particularly rough one: Wordle users.

In today's big story, Netflix reports earnings this afternoon as the king of streaming tries to retain its crown amid increased competition.

What's on deck:

Markets: Beyond Meat's share price has beefed up. We spoke to a catalyst for its incredible rally.

Tech: Inside the fight over AI usage at a video game giant.

Business: Tinder's bid on keeping you from swiping left on … Tinder.

But first, let's binge.

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The big story

Staying on top

Are you still watching?

Netflix's somewhat annoying prompt — Yes, I'm still here, melting into my couch enjoying "Love is Blind." — is a good jumping off point for the streaming giant's earnings report this afternoon.

Unlike its rivals, Netflix isn't as worried about subscriber growth. (It doesn't even share those numbers anymore; perks of being the big dog.) Instead, Netflix is more focused on what it's doing with the hundreds of millions of subscribers it has collected over the years.

In the not-so-distant future that'll include video podcasts. Netflix recently announced a partnership with Spotify to stream its podcasts.

The deal hit all the highlights of a classic Netflix agreement. There's a level of exclusivity, as Spotify will remove its video podcasts from YouTube, which in many ways represents Netflix's biggest competition.

There's an ad component, as the podcasts' host-read ads will remain in the show. It's unclear if Netflix will include its own ads, but it shows the company is leaning into advertisers.

Video podcasts also represent more live content. Certain shows, like the sports-centric "The Bill Simmons Podcast," have an element of timeliness. That's clearly a priority for Netflix with its big push covering live events like WWE and the NFL that are also a draw for advertisers.

In the meantime, the landscape for streamers has dramatically changed.

Netflix is still the undisputed leader, but a flurry of recent deals and news among its competitors has shown there's still pressure from below.

ESPN: The Worldwide Leader in Sports' big push into streaming is off to a hot start. The full version of ESPN generated 1.2 million subscribers in the US in its first month. That's exceeding analysts estimates, which were that ESPN would nab 1.5 million to 2 millions subscribers by year's end.

Disney+/Hulu: There's good news and bad news. The bad news: Both streamers saw more than double their average cancellations last month. (Jimmy Kimmel, is that you?)

The good news: Another bump in pricing, which starts today, adds more padding to the margins. And Disney's streaming economics are set to get even better when it launches a unified streaming app for Disney+ and Hulu next year.

Paramount: No media company is trying to execute a more dramatic u-turn. The arrival of David Ellison, son of billionaire Oracle cofounder Larry Ellison, has taken Paramount from the bottom of the streaming totem poll to one on the rise. It's also entered the live sports fray in a big way by buying the UFC rights.

Prime Video: Amazon MGM Studios, the content machine behind Prime Video, took a big step toward taking on Netflix last month when it hired one of its former executives. Peter Friedlander spent more than a decade at Netflix and is credited with bringing it hits like "Stranger Things" and "Bridgerton." Now he's tasked with boosting a streamer that captured 3.9% of US TV watch time in August, up 26% year-over-year.

Apple TV: Ok, it's not groundbreaking, but dropping the "+" from its name had some brand experts excited. (To be fair, naming these platforms has always been a mess.) It's also dipping its toe further into live sports, acquiring the US rights to F1 races.

3 things in markets

Roaring Vegan. Beyond Meat, which makes plant-based meat alternatives, has become the meme stock du jour thanks in large part of Dimitri Semenikhin. BI spoke to the retail investor about his big bet on the one-time penny stock that he says he's bought 4% of.

A new highly risky investment has entered the villa. Asset management firm Volatility Shares is pitching regulators on 27 levered ETFs, including some that are 5x-levered products. The idea is amplify market moves, but it comes with incredible risk. More than half of the leveraged ETFs that launched have closed, and 17% have lost over 98% of their value, Morningstar says.

Mom-and-pop traders have taken a bath on one of the hottest corporate trends. Companies announcing plans to amass bitcoin on their balance sheets to boost their share prices was initially a boon. But a new research report estimates retail traders lost $17 billion betting on these bitcoin treasury companies as some of their share prices have collapsed.

3 things in tech

The AI divide roiling Electronic Arts. At the gamemaker, management's enthusiasm for AI is at odds with employees' concerns that it creates more work for them and could replace them. The result is a fundamental lack of trust.

Sora might have a "pervert" problem on its hands. OpenAI's video generator allows strangers to make cameos with your face if you allow it. Though nudity and sexual content is banned, fetish content is all over the app, BI's Katie Notopoulos found.

A tech-forward solution to work-visa chaos. Microsoft alumna Priyanka Kulkarni knows firsthand how tricky navigating the US immigration system can be. Now her startup is using AI to help change how companies handle work visas, and it just raised $5 million in a round led by Maverick Ventures.

3 things in business

Inside Tinder's battle for relevance. The dating app is experiencing a cultural reset under CEO Spencer Rascoff, who took over in 2024. Three Tinder leaders told BI how the app is betting on Gen Z and moving faster than before.

Have you tried the next big chicken chain? Raising Cane's is a cult favorite in some parts of the US, but it has limited stores in the Pacific Northwest or East Coast — for now. Joe Ciolli, author of BI's First Trade, breaks down what you need to know about Cane's and why he thinks it'll keep going up.

A rare win for student-loan borrowers. The Department of Education agreed to process more student-loan forgiveness claims and continue relief for borrowers on income-driven repayment plans. It means some borrowers won't be taxed on relief next year.

In other news

Vibe coding startup Replit is projecting $1 billion in revenue by the end of 2026.

A lot of journalists left Twitter once Elon Musk took over. Does he want them back now?

Prince Andrew scandal takes center stage in Jeffrey Epstein accuser's posthumous memoir.

As a CEO and former Google manager, these are the 3 questions I ask during reviews. I apply them at home with my kids too.

Restaurants are winning over busy parents — but slipping with child-free diners.

Elon Musk pushed Twitter users to stop using links. Now it looks like he's changed his mind. Why?

How to get a piece of Amazon's $2.5 billion settlement over allegations it 'duped' Prime subscribers.

I want the iPod back — and so do you, apparently.

The government shutdown is the third-longest in US history, affecting air travel, national parks, and groceries.

Inside a 24-hour vibe coding hackathon in Singapore: Coffee, sleeping bags, and AI.

What's happening today

• Netflix, Coca-Cola, and General Motors report earnings.
• NBA season starts.

Dan DeFrancesco, deputy executive editor and anchor, in New York. Hallam Bullock, senior editor, in London. Akin Oyedele, deputy editor, in New York. Amanda Yen, associate editor, in New York.