Netflix is scheduled to report quarterly earnings after the bell on Thursday, giving investors a fresh look at how the streaming company is performing in a rapidly changing media market. The update arrives as the broader industry deals with consolidation, corporate restructurings and tougher competition for viewers and advertising dollars.

A key focus for the market will be Netflix’s ad-supported business. Investors are expected to look for signs of progress in the company’s lower-priced offering, including whether advertising is becoming a more meaningful part of its growth story as streaming platforms search for new revenue streams.

Engagement metrics are also likely to be closely watched. Beyond subscriber trends, analysts and shareholders want more clarity on how audiences are using the service and whether Netflix is maintaining strong momentum as competition across streaming remains intense.

The earnings report may also offer insight into how Netflix is thinking about potential mergers and acquisitions. With the media sector in flux, any commentary on strategic deals, partnerships or capital allocation could shape expectations for how the company plans to navigate the next phase of industry change.