The winner of the streaming wars? What’s next for Netflix

Netflix will report its second-quarter earnings on Thursday, and most Wall Street analysts believe the company has essentially won the streaming wars.

Netflix shares have risen about 33% so far this year, outperforming many traditional media and new media peers. Some analysts expect Netflix's growth to slow, but they say the company still has a lot of room to grow its bottom line.

Streaming on?

However, as Netflix's lead has grown, some analysts say its next big battleground is live events, an area currently dominated by large tech companies and traditional TV.

Paul Verna, an analyst at eMarketer, wrote in an email: "While Netflix is the market leader and the biggest innovator in the entertainment streaming space, it is catching up to Amazon, YouTube, Disney, and NBCUniversal in live events and sports."

The company is also going deeper into live programming, planning to air National Football League (NFL) games and Jake Paul and Mike Tyson boxing matches. Morgan Stanley analysts say "Baby Reindeer" and "Bridgerton" season 3 are key shows to watch for in the second quarter.

Stop reporting subscriber numbers

Netflix plans to stop reporting subscriber numbers starting next year, a metric that investors closely watched a few years ago. Not reporting subscriber numbers has left some investors uneasy. Wedbush analysts said in a research note last Friday that they believe the move is part of a transition to a slower-growth, higher-margin business, though they said the shift "is far from over."

As Netflix stops reporting subscriber numbers, its actual financials and metrics such as advertising revenue and content spend will become more important.