During last night’s earnings call, Netflix (NFLX) highlighted the growing momentum of its advertising business.

With a captive audience and a deep data pool, advertisers are willing to pay up for access to the platform. Management is tracking toward the “critical ad subscriber scale” that will be essential for creating the reliable cash-flow stream long-term investors are in the stock for.

Netflix’s advertising business is starting to take shape like Amazon’s and Meta’s. The stock is up 10%. It can climb further into all-time high territory.