It wasn’t all that long ago that Wall Street basically only cared about one metric when it came to Netflix: total active subscribers, followed perhaps by projected subscriber growth. Over its decade-long astonishing ascent, acronyms like ARM or ARPU (both of which mean basically the same thing) entered the cultural-financial lexicon, as analysts pondered the size and scope of Netflix’s total addressable marketplace. Indeed, the infatuation with growth made other traditional business priorities—profitability, say, or diverse revenue streams—seem almost peripheral. After all, why distract a laser-focused management team, or so the philosophizing went, with those side shows?