In the most recent Q:
DIS lost over $1B in operating income on a negative 21% operating margin in their DTC biz. FCF tougher to get at with them because they obviously have a number of different segments and the accounting is difficult.
WBD plans for their streaming biz to be break-even in 2024, with cash flow of $1B in 2025... But that had been like $2B before they cut their outlook recently. And they will need a lot to go in their favor to hit break even in '24.
Paramount says peak losses for their D2C biz will be in 2023. Looks to me like they lost about $455M at a margin of negative 38% this Q.
None of those are pure play streaming models... But that part of their business is most definitely cash flow negative. We don't get that level of detail from Apple or Amazon, but it is a guarantee that it looks even worse for them (especially if/when Apple "wins" the NFL Sunday Ticket bidding war).
NFLX is more transparent... Made $103M from operations, but if you take out capex and some other stuff (and throw in FX, which was a huge headwind this Q), they were negative. I think our model has the official number at 3 cents/share (positive) for the Q. And that should be way higher in 3Q. They also made $3.20/share in Adj EPS.
Note on DIS... 58M of their subscriber number is Disney+Hotstar (India), which costs either 499, 899 or 1499 rupees/year... That's basically: $6, $11, or $18.50 PER YEAR. That is a problem.