[Stuart]

Which probably translate to "we expect the number of subscribers to fall, but we don't want to publicly admit it".

Ultimately, don't these services reach a plateau with a very small increase in subscribers against churn?

In order to continue high growth I suspect they either have to spend massively on new popular content (not the niche sport of Polo), or you merge with someone else and absorb their content.

We can already see some of the big players looking to consolidate and I don't think Netflix is immune to that direction of travel.