It isn't possible to understand Hulu's business without understanding the value of an individual subscriber (which is similar to an annuity). What does a subscriber cost to acquire, what is churn, what is gross margin and what is revenue per subscriber? cnbc.com/2018/08/10/hul…
The collective NPV of all Hulu or Netflix customers must be aggregated. Value of a business = value per customer x number of current and future customers. 25iq.com/2018/08/11/how…
"Each of the key variables in a subscription business can be either: (1) many angels working together to build something wonderful or (2) a pack of hungry wolves that can tear the business to shreds." 25iq.com/2017/07/15/ama…
Earnings don't tell the Hulu story since customer acquisition cost (CAC) happens up front and that cash outlay always has a payback period. You must understand and aggregate NPV per customer and the overall cash flow model to understand whether any value creation is happening. 
