Google officially beat Apple and HBO Max is conquering Europe. Welcome back to The Media Odyssey Podcast!

In this episode, Evan Shapiro and Marion Ranchet focus on two media milestones that didn’t get the attention you expect: Google officially surpassing Apple in scale, and HBO Max’s long-awaited launch across key European markets. Rather than treating these as isolated news items, the conversation explains why both moments matter and what they reveal about platform economics, global strategy, and competitive positioning.

The episode is a reality check on how quickly the hierarchy is changing, and how even long-anticipated launches now arrive in a far more crowded, expensive, and competitive environment.

Key Takeaways:

1. Google Has Officially Passed Apple in Size

Google, along with the rest of Alphabet, beat out Apple with a higher annual revenue and faster top-line growth. What once looked unthinkable now reflects Google’s dominance across advertising, platforms, and global scale.

Apple’s business remains strong, but it’s reliance on hardware and services tied closely to its ecosystem have kept growth down it is missing out on a core two thirds of consumers.

2. HBO Max Is Finally Launching Across Europe

HBO Max’s rollout into major European markets, a move years in the making, finally began. The launch represents a major operational and branding milestone for Warner Bros. Discovery.

Timing is a strategic Risk for HBO Max, arriving in Europe after Netflix, Prime Video, and Disney+, making customer acquisition more difficult and more expensive than it would have been earlier. Launching now means competing in a market where consumer budgets are tighter and subscription fatigue is real.

3. Scale Is Now the Deciding Factor

Whether it’s Google surpassing Apple or HBO Max expanding internationally, the episode reinforces that scale is increasingly what determines who can compete effectively.

Interested in sponsorship? https://forms.gle/2LCWfX2HBNT8mtpx8

Connect with us on Linkedin:

Evan Shapiro - https://www.linkedin.com/in/eshap-media-cartographer/

Marion Ranchet - https://www.linkedin.com/in/marionranchet/

The Media Odyssey Podcast - https://www.linkedin.com/company/the-media-odyssey-podcast

• (00:00) - Introduction and Overview
• (01:12) - HBO Max's European Launch
• (04:05) - Strategic Partnerships and Deals
• (11:58) - Pricing Strategies and Market Impact
• (16:29) - Potential Acquisitions and Future Outlook
• (24:43) - Netflix's Ad Tier Success
• (25:10) - HBO Max's Struggles in Europe
• (25:56) - Telco Deals and Bundling
• (27:48) - Google Surpasses Apple in Market Cap
• (28:59) - Google's AI and Search Dominance
• (40:19) - Apple's Challenges and Future
• (43:39) - The Era of Commodity Hardware
• (46:35) - Upcoming Episodes and Events

Netflix’s earnings beat expectations, but the numbers reveal a business increasingly reliant on optics, pricing, and financial engineering rather than underlying engagement growth.

In this live earnings breakdown episode of The Media Odyssey Podcast, Evan Shapiro and Marion Ranchet analyze Netflix’s latest quarterly results, separating headline wins from structural concerns.

While revenue, profit, and subscriber figures all came in strong, deeper engagement metrics tell a more cautious story. The conversation focuses on growth rates, viewing hours, ad revenue contribution, and the financial implications of Netflix’s proposed Warner Bros. Discovery acquisition.

THE NUMBERS:

1. Netflix Reported 325 Million Subscribers (After Saying It Would Stop)

Despite previously stating it would no longer report subscribers, Netflix disclosed a global total of 325M, reframing what likely ~23M net adds without explicitly saying so.

2. Revenue and Profit Growth Remain Strong

Netflix reported +15% revenue growth in Q4 and +16% for the full year, with net income up ~25% in Q4 and ~26% year over year, comfortably beating Wall Street expectations.

3. Engagement Growth Is Essentially Flat

Total viewing reached 191B hours annually, up only ~1B hours half-over-half. Average viewing now sits at roughly 1.7 hours per subscriber per day, down from ~2 hours a few years ago.

4. Netflix’s Share of Total TV Viewing Remains Under 10%

Even during an all-time high month driven by Christmas Day, Netflix accounted for ~9% of total TV usage per Nielsen Gauge data.

5. Advertising Generated ~$1.5B, Still Only ~3% of Revenue

Netflix disclosed $1.5B in ad revenue, representing roughly 2–3% of total revenue, with management signaling plans to double and eventually triple that figure.

6. Roughly 40% of New Subscribers Are on the Ad Tier

Third-party estimates suggest ~40% of recent subs are ad-supported, but Netflix provided no ARPU, churn, or engagement data tied to those users.

7. Guidance Was Lowered Despite the Earnings Beat

Netflix reduced forward guidance, contributing to a ~7% stock drop overnight, highlighting investor concern despite strong backward-looking results.

8. The Proposed Warner Bros. Deal Would Push Debt to ~$85B

If completed, Netflix would take on roughly $50–54B in new debt, bringing total obligations close to $85B, a key factor behind market skepticism.

Interested in sponsorship? https://forms.gle/2LCWfX2HBNT8mtpx8

Connect with us on Linkedin:

Evan Shapiro - https://www.linkedin.com/in/eshap-media-cartographer/

Marion Ranchet - https://www.linkedin.com/in/marionranchet/

The Media Odyssey Podcast - https://www.linkedin.com/company/the-media-odyssey-podcast

• (00:00) - Introduction and Welcome
• (00:14) - Event Highlights and Advertising Chat
• (00:53) - Netflix Earnings Report Breakdown
• (02:36) - Subscriber Numbers and Engagement
• (04:44) - Netflix's Strategic Moves and Market Reactions
• (05:47) - Streaming Industry Trends and Predictions
• (06:59) - Warner Brothers Discovery Deal Analysis
• (09:34) - Global Market Insights and HBO Content
• (16:37) - Advertising Business and Future Prospects
• (19:09) - Ad Strategies and Market Competition
• (20:01) - Disney's Ad Selling Prowess vs. Warner Brothers' Struggles
• (20:39) - Netflix's Efforts to Improve Ad Sales
• (20:53) - Live Q&A Session Begins
• (21:34) - Disney's Model and Market Competition
• (23:11) - Warner Acquisition and Franchise Opportunities
• (26:56) - Vertical Video and Social Features
• (31:19) - Global Market Opportunities and Challenges
• (33:48) - Wrapping Up and Audience Engagement

CES isn’t about gadgets anymore, but who controls the interface between audiences, data, and distribution.

Welcome back to The Media Odyssey Podcast! From CES, Evan Shapiro and Alan Wolk, Co-Founder and Lead Analyst of TVREV, unpack what this year’s show revealed about the future of media, entertainment, and technology while expanding on their predictions for 2026.

Beyond the hype of AI demos and hardware announcements, the conversation centers on power shifts: who owns how we get information, who controls discovery, and which companies are quietly positioning themselves as the new gatekeepers.

Rather than signaling a breakout moment, CES reinforces a familiar reality. Platforms are consolidating influence, AI is moving into the background, and media companies face shrinking control over how audiences find and engage with content.

Key Takeaways:

1. Media Is Entering a Prolonged Era of “Feudal Fragmentation”

Alan predicts that the monoculture is gone for the foreseeable future, replaced by thousands of disconnected content bubbles with their own truths, celebrities, and norms. This fragmentation isn’t new, but it will deepen through the rest of the decade, making shared cultural moments increasingly rare.

2. There Is No Longer a Single Source of Truth and That Has Consequences

The loss of mass media gatekeepers means audiences now operate from entirely different realities. News can be fully ignored, expertise is routinely dismissed, and misinformation thrives because there is no longer a common reference point for facts.

3. The End of Expertise Is Both Dangerous and Liberating

Traditional experts and institutional authority are losing power, but this also enables creators and outsiders to build massive media businesses without permission. The upside is democratization, the downside is the erosion of trust in skill, craft, and knowledge.

4. Power in Media Is Decentralizing Away from Hollywood

Alan predicts that media power will continue to disperse geographically and structurally. New creator-led studios are emerging in Texas, Brazil, Nigeria, and beyond, attracting talent away from traditional Hollywood centers as production costs fall.

5. Niche Audiences Will Become the Foundation of Sustainable Media Businesses

The era of building new mega-brands is over. Instead, companies and creators will build profitable businesses around passionate, well-defined niche communities. Even if those audiences are invisible to the mainstream.

6. Discovery and Serendipity Are Breaking Down

Algorithmic feeds increasingly show audiences more of what they already like, making it harder for genuinely new ideas to surface. Alan predicts fewer breakout cultural movements and more recycling of familiar formats, sounds, and franchises.

7. Sports Remains the Last True Monoculture

Live sports still cut across bubbles and deliver shared, simultaneous experiences. Alan predicts sports will retain outsized importance for advertisers and platforms, even as niche sports slowly grow and fragment over time.

Thank you, Alan Wolk for joining the pod! https://www.linkedin.com/in/alanwolk/

Interested in sponsorship? https://forms.gle/2LCWfX2HBNT8mtpx8

Connect with us on Linkedin:

Evan Shapiro - https://www.linkedin.com/in/eshap-media-cartographer/

Marion Ranchet - https://www.linkedin.com/in/marionranchet/

The Media Odyssey Podcast - https://www.linkedin.com/company/the-media-odyssey-podcast

• (00:00) - Introduction and Guest Introduction
• (00:45) - First Impressions of CES
• (01:38) - Predictions for the Media Industry
• (02:19) - Descent into Feudal Media
• (02:50) - The Concept of Monoculture
• (06:43) - Fragmentation of Media and Advertising Challenges
• (19:57) - Rise of Decentralized Media Power
• (22:13) - The Downside of Algorithmic Recommendations
• (23:32) - The Loss of Serendipity in Media Discovery
• (24:24) - Challenges in Finding Quality Content
• (25:31) - The Role of Curators in Media Discovery
• (29:21) - The Rise of Niche Audiences
• (32:05) - The Continued Importance of Sports
• (37:14) - The Future of Media and AI's Role
• (39:24) - Advice for Navigating the Changing Media Landscape