Netflix (NASDAQ: NFLX) and Warner Bros. Discovery (NASDAQ: WBD) are two of the biggest names in the streaming space. Netflix has over 223 million subscribers worldwide, while Warner Bros. Discovery counts just under 95 million global customers across its HBO Max and Discovery+ offerings. But the two companies have taken somewhat divergent approaches to growing those numbers. So which is the better buy for investors? Let's break it down.

Netflix was one of the pioneers of the streaming age, first delivering movies and TV shows over an internet connection in 2007. In the decade-and-a-half since, the streamer has evolved into a film and television studio, acquiring and producing thousands of hours of content. Netflix has become so prolific that in the third quarter of 2022, it released over 1,000 episodes of original programming -- over five times as much as its rivals.

Warner Bros. Discovery spent much of 2022 scaling back its content output. In July, the company shut down multiple HBO Max Original productions across Europe. And in August, it drew ire from many parts of the internet when it pulled direct-to-streaming movies Batgirl and Scoob!: Holiday Haunt while they were in the edit suite. More recently, Warner Bros. Discovery has been scrubbing films and shows from HBO Max, including former tent-pole projects Westworld and The Nevers.

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Source Fool.com