What's most remarkable is that this revenue growth far outstrips that of content production costs, which have tended to stagnate over the past three years; other expense items - marketing, R&D and administration - remain unchanged.

As a result of this fortunate combination of circumstances, which underscores the strength of the Netflix brand and the quality of its business model, operating profit will increase by a further 50% between 2024 and 2023, and earnings per share by 64%.

Its competitors are not in the same vein. On an annual basis, Disney spends $5 to $6 billion more on content production, but has to pass on the cost of these investments to a subscriber base half its size; the problem is even more acute at Warner Bros and Paramount.

Each of these three groups also has to contend with the structural decline of its linear TV business, a handicap that could prove insurmountable, especially with the recent precipitous fall in advertising budgets. So, in the end, Amazon is still the least to be pitied in the face of Netflix.

The group headed by Reed Hastings clearly knows where it's going. In the short term, towards price increases, and consequently towards a further expansion of margins; in the medium term, towards the broadcasting of sporting events, successfully tested in recent months and highly lucrative from an advertising point of view; in the long term, perhaps towards video games - via a takeover of the Steam platform, for example?

In any case, the company's stock market valuation does justice to its extraordinary track record. In a sector subject to cut-throat competition, Netflix has long been ahead of the pack. Today, even more than before, it seems unstoppable.