Thread by @trengriffin

Mufasa: "All variables in unit economics are interconnected. The greater the fee (ARPU) the higher CAC and churn will be."

Simba: "It's like a ballon filled with water in that pushing on one part changes the other parts?"

Mufasa: "Circle of life!"

google.com/amp/s/www.nyti…

Rafiki: "Tren refers to the five variables in unit economics as "the five zebras." His view is that a rope connects them all, and they are all facing different directions. When one zebra pulls one way, it makes it more difficult for the other zebra to go in his or her direction."

Mufasa: "Our tall friend Bill Gurley the Giraffe says heavy marketing spend requires a higher margin to cover the spend and therefore a higher end user price to the customer."

Simba: "You need to find the right balance."

Mufasa: "The great ones do."

abovethecrowd.com/2012/09/04/the…

4/ Nala: "Has anyone done the work to determine the unit economics of HBO Max by looking at these comparables?

Pumba: "What does that have to do with price/earnings ratios?"

Mufasa: "Without market participants like you Pumba there would be less opportunity to earn alpha."

5/ Rafiki: "Simba your uncle Scar was involved as a consultant in the deal between Comcast and WarnerMedia today that brings HBO Max to Xfinity X1 and Flex customers. Please tell us the probable terms of that distribution agreement."

Mufasa: "And will Roku get the same deal?"

6/ Mufasa: "Simba someday the streaming media pride lands will be yours. But if John Malone ever shows up for a wholesale transfer price negotiation run away as if your life depends on it because it does."

Simba: "Because he will skin me in that negotiation?

Mufasa: "Exactly."