(https://www.marketwatch.com/story/netflix-investors-are-getting-squeamish-as-amazon-makes-inroads-in-the-battle-for-streaming-dominance-c1c04278?mod=mw_rss_topstories) because they're watching the wrong metric. The real story: Netflix has $40B in annual revenue and a net margin around 16-18%, but Amazon's bundling destroys margin structure—Prime Video doesn't need to hit 20% margins because it pulls $170B in retail revenue.

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