For years, Netflix (NFLX) has been trying to convince Wall Street that growth can still be driven by streaming size, global content, and pricing power.
The argument is still valid, but that might not be the whole story anymore.
Fox's imminent acquisition of Roku offers a new kind of edge in streaming: control of the screen before a viewer ever opens an app.
That's the actual problem for Netflix investors. Advertising is the company's next growth engine, and advertising is more potent when a company controls distribution, data, and discovery.
"Warner Bros. would have been a nice accelerant for our strategy, but only at the right price," Netflix said in its April shareholder letter.