ZOO has announced a trading update for the full year to 31 March 2022. Good momentum has continued since the previous update, with what we understand to have been a strong performance from all areas of the group. The full year is now expected to be ahead of previous guidance, and we upgrade FY22 estimates. This note also provides some comment around recent subscriber challenges for Netflix. We see these as a positive for ZOO, whose content-related services are likely to experience increased demand as streaming-platform customers battle each other to produce premium content in the right geographies and languages.