Ever since the streaming giant slumped to a distinctly non-festive low on Christmas Eve, the season of goodwill to all men has been remarkably kind to its shareholders. The share price has been rising like an unusually successful soufflé, going up 44% in 13 trading days as it enters 2019. The excitement comes ahead of Netflix’s fourth-quarter results on January 17, and the market is clearly expecting fireworks to justify the eye-watering quantities of loot the company is throwing into production. Netflix is planning to spend more than $13bn on film and TV series production this year, considerably more than any other network or film studio. The company is going through cash like a sailor on shore leave as it chases subscriber growth, with last reported numbers of 137-million still some way short of the critical mass it will need to break even. It’s had critical success, with Roma being nominated for seven Bafta awards and picking up a Golden Globe, while the company tweeted that Bird...

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