NFLX – BUY – Outer Banks? Netflix Expands Content, Formats to Bolster Growth Pursuit

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NFLX – BUY – Outer Banks? Netflix Expands Content, Formats to Bolster Growth Pursuit

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Week 18, NFL Honors

Full programmatic all DSPs, geo-lift measurement,

Ad Tech Ads Suite launched Launch → ROI

AI campaign agents

International Ads 12 countries ~27 countries by 2027 (90% of global ad spend) 2x+

New Inventory n/a Vertical video, podcasts, Tudum New surfaces

Source: Company presentations and Guggenheim Securities LLC.

Incremental Drivers: The Partnership Playbook Starting with TF1

Beyond the ad build-out, the Upfront highlighted an emerging partnership strategy that we

do not believe is fully reflected in the consensus outlook.

TF1 (launching summer 2026): Netflix's first-ever linear-TV carriage deal brings all five

TF1 channels and ~30,000 hours of TF1+ on-demand content to Netflix members in France.

TF1 is France's largest commercial broadcaster with live French national football, FIBA

basketball, and high-rating local programming. We believe management views this as a new

kind of partnership which expands Netflix's local TV content opportunities across markets.

The deal effectively makes Netflix the aggregation layer for premium + local content in a

single app, which strengthens the ‘must-have service’ positioning, reduces churn, and brings

linear TV ad budgets closer to the Netflix ecosystem.

Why this matters for the model: We believe France is one of Netflix's top-5 largest

European markets. Adding live local broadcast content should improve retention metrics

(less reason to toggle between apps), strengthen the value proposition for price increases,

and could bring incremental ad demand from French advertisers who currently buy TF1

linear. If the TF1 template works, it is replicable in other major European markets (Germany,