This is one thing I didn't mention, and you nailed it. Content production is important, and Australian content more so. There is a need for Australian content (esp News, given Seven news is the daily #1 for eyeballs - example: https://tvtonight.com.au/2023/01/tuesday-17-january-2023.html)
Playing this over BVOD (in addition to sporting agreements, etc) is powerful. It makes their single product (advertising) even more appealing because you can easily target a particular segment. With the focus and potential removal of third party data (think internet cookies), the direct audience relationship is becoming even more important.
Netflix/Stan are moving toward a basic offering with ads. I don't know how targetted their ads are (I imagine they are, as they even change thumbnail images to suit the target audience) - but I expect the 'free' version (BVOD) to beat the 'cheap' version, even though there's room for more than one version.
SWM Price at posting:
46.3¢ Sentiment: Buy Disclosure: Held
(20min delay)