Biddle's stated biggest concern about Netflix moving into live sports isn't the ad economics or production cost, it's loss of control over the underlying supply: sports leagues hold the licensing rights and can unilaterally raise prices — he cites an example on the order of a 50% year-over-year hike — leaving the platform unable to control its own future cost base or margin. This is a supply-side dependency risk distinct from Moat via Proprietary Tooling and Exclusive Relationships (which is about building an advantage): here the concern is the platform being structurally exposed to a supplier's pricing power on a resource (marquee live content) it can't easily substitute or build in-house.
Before committing to a content or supply category controlled by a small number of external rights-holders, weigh not just near-term deal economics but the licensor's future pricing leverage and whether the platform has any way to cap or diversify away from that exposure.
Из тем: Netflix, Consumer Science, and Strategy Storytelling