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Netflix and Spotify may look similar on the surface—massive platforms, global audiences, subscription models—but dig into the numbers, and the differences are hard to ignore. In this episode, Steve breaks down both companies’ financials in plain English and reveals why Netflix generates 3X more profit than Spotify despite having a similar number of paying users. 

From gross margin to free cash flow, and strategy to scale, you'll get a behind-the-scenes look at how these businesses actually operate—and why some strategic choices have a bigger financial payoff than others. If you like real-world company breakdowns that connect strategy with numbers, this one’s for you. 

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